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The recent spike in European natural gas prices highlights the market's ongoing vulnerability as colder weather intensifies demand and depletes storage. Storage levels, now just over 70% full compared to 86% a year ago, have fallen faster than at any point in the last seven years. This raises the stakes for refilling reserves ahead of next winter, particularly under colder-than-average conditions forecast in the coming weeks. Bloomberg Opinion Columnist covering energy and commodities, Javier Blas joins Stephen Carroll and Lizzy Burden to discuss what it means for prices in the year ahead.

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