Europe may have emerged from winter without a full-scale gas crisis; but with storage levels unusually low, geopolitical tensions rising, and summer-winter price spreads offering little commercial incentive, the real challenge may only just be beginning. Germany, home to Europe's largest gas storage capacity, is facing mounting pressure to refill ahead of winter while the war in the Middle East, uncertainty around LNG transit through the Strait of Hormuz, and fragile industrial demand all clo...