If anything stands out in energy markets now, it is that prices have become remarkably sanguine despite an ongoing supply shock. Although market confidence and fundamentals have both contributed, our scenario analysis draws out less comfortable alternatives as the conflict drags on. In this episode, we discuss when a calm “Is that it?” can turn into a more apprehensive “What if this isn’t?”

Speakers: 

Natasha Kaneva, Head of Global Commodities Research

Otar Dgebuadze, European Natural Gas

This podcast was recorded on June 5, 2026.

This communication is provided for information purposes only. Institutional clients can view the related report at

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