The Energy Shortage Is Already A Bigger Shock Than 70's Oil Crisis, Oil Traders About To Get Wrecked

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Europe is suffering from a historic gas crisis, one which according to Rabobank is now more extreme than the 70's US oil price shock.
both UK NBP and Dutch TTF natural gas benchmarks have closed the day at their highest ever settlement level, up ~11% on the day (to a closing price equal to more than $26 per mBtu).
Natural gas prices in Europe have surged past $25 per million British thermal unit, more than 400% higher than the 2010-2020 average, and significantly higher than in the U.S., where the commodity trades at around $5 per million Btu. In Asia, liquefied natural gas has recently changed hands at around $27 per million Btu, a seasonal record high, as China has also been hit by a widespread energy crisis