一艘液化天然气（LNG）油轮停靠在巴塞罗那港。自乌克兰战争爆发以来，俄罗斯全年稳定的管道天然气供应中断，使得欧洲更加依赖全球LNG供应。
A liquefied natural gas tanker docked at the port of Barcelona. The loss of steady year-round Russian pipeline gas following the war in Ukraine means Europe has become more reliant on global LNG supplies.
几十年来，欧洲一直依赖一种久经考验的方式来确保冬季有足够的天然气：交易商在夏季燃料价格较低时买入并储存，然后在需要时以更高价格卖出。但连续第二年，这种贸易的经济逻辑已经瓦解。
For decades, Europe relied on a tried-and-tested way to ensure there was enough gas to get through winter: Traders bought when the fuel was cheaper in the summer, stored it and then sold at a higher price when needed. But for the second year in a row, the economics of that trade have unraveled.
乌克兰战争后俄罗斯稳定管道天然气供应的丧失，意味着欧洲变得更加依赖全球液化天然气（LNG）供应——对2025年LNG市场紧张的担忧使得欧洲夏季价格在某些时候更加昂贵。今年情况类似，且因伊朗冲突切断了中东的关键供应而雪上加霜。
The loss of steady year-round Russian pipeline gas following the war in Ukraine means Europe has become more reliant on global liquefied natural gas (LNG) supplies — and fears about a tight LNG market in 2025 made European summer prices more expensive at times. It has been a similar story this year, made even worse by the Iran conflict that has choked off crucial supplies from the Middle East. In a time of both misinformation and too much information, quality journalism is more crucial than ever. By subscribing, you can help us get the story right.
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