The US-Israeli led war against Iran has unleashed extreme volatility across energy markets, with natural gas prices rising as much as 70% in the first ten days of March.

Traders fear that the longer the shortfall lasts the more difficult it will become to refill gas stocks.

While the fog of war remains thick in Iran and the Gulf, traders are struggling to get clarity and some degree of predictability. To find out how they navigate this situation and how events are seen by LNG traders, ICIS reporter Aura Sabadus caught up with James O’Brien, head of LNG at D.Trading, the trading arm of leading Ukrainian oil, gas and electricity private producer DTEK, and Luca Palmeri, CEO and founder of MCND, a dedicated consultancy, and himself a former senior LNG trader.

Europe’s single market is widely regarded as the jewel in the crown of EU integration. However, the energy crisis of 2022 showed that its electricity and gas markets remain fragmented, exposing the bloc to economic and security risks.

Cracks are felt in the day-to-day work of producers, traders, suppliers and end consumers as they struggle with complex red tape and high costs.

ICIS highlighted some of these challenges in a recent white paper. A report published by Energy Traders Europe on 24 February highlights the constraints and the possible solutions to deepening the EU electricity and gas markets.

As the need to create an Energy Union is now at the top of policymakers’ agenda, ICIS reporter Aura Sabadus speaks to Mark Copley, CEO of Energy Traders Europe, and ICIS EU policy expert, Gretchen Ransow, about solutions to achieve consistency and alignment across the bloc and with neighbouring countries.

Lithuania’s offshore Klaipeda LNG terminal had a record year in 2025, with the port’s utilisation rate soaring well above the EU average. Operator KN Energies anticipates an even better year in 2026. It has launched an open season for long-term capacity and is expecting more central and eastern European companies to use its services as they are looking for a diversity of sources and routes. Although traders are incentivised by Klaipeda’s ease of doing business and transparency, they also flag limitations related to regional market liquidity and high regional transmission tariffs. In this interview, Darius Silenskis, CEO of KN Energies, tells ICIS reporter Aura Sabadus about the company’s short and long-term plans and its role in supporting market liquidity.