In a normal summer, energy suppliers usually only buy enough natural gas to meet electricity generation needs. And when the spot price falls below the previous year's average price, i.e. it's a bargain, they buy extra to store away in gas storage units to use in winter.
This summer is different. The flow of gas through the Russian pipelines is at 40% of what it normally is, and the fear is that Russia might cut it off entirely in winter.
So countries are racing to buy extra gas to store away no matter what the cost. And where previously gas storage units were left less than half full, they're trying to get them to 90% full by October. They reason that trying to buy in winter, when normal demand is higher, will be even more expensive.
This extra buying from European countries all at once, has sent natural gas prices soaring around the world as gas is diverted to Europe.
However, once the storage units are full, the buying frenzy will end. Can't buy extra if you've got nowhere to store it.
Here is a table showing how much gas is now stored in Europe:
As you can see, 8 countries have their storage units more than 70% full, and 3 (Poland, Portugal and the UK) are over 90% full. Italy and Belgium are very close to hitting 70%.
By the end of August most should be full, and the global pressure on natural gas prices should abate.
Then we pray for a mild winter.