Europe’s Gas Market Braces for Winter Shock as Traders Bet Prices Could Double

The options market of European natural gas futures of the past week suggests that traders fear the benchmark gas prices could more than double in the coming winter as the protracted supply disruption from the Middle East threatens Europe’s gas refill season.   Some traders have traded options contracts for the October-March period at strips of up to $117 (100 euros) per megawatt-hour (MWh), according to data compiled by Bloomberg. That’s more than double the current price of about $53 (45 euros)...