Ed Morse, head of commodities research at Citigroup Inc, pointed out that if the winter is "really cold", Europe could use up all its natural gas and push prices up again from current unprecedented levels.
In a worst-case scenario, European natural gas futures prices could more than triple to $100 per million British thermal units as a way to balance demand for heating and power generation fuel, Morse said in an interview. He said that even if the winter is warm, it may be difficult for Europe to replenish inventories because imports are scarce and inventories in Russia, the main supplier, are low.
"if our weather is like six times in the past 30 years, Europe's natural gas stocks will run out," Morse said.