Putin's energy gambit falters as warm winter saves Europe

Region's gas reserves healthy, prices falling amid factors like a wider array of suppliers

Russian President Vladimir Putin's plans to squeeze Europe by weaponising energy look to be fizzling out, at least for now.

Mild weather, a wider array of suppliers and efforts to reduce demand are helping, with gas reserves still nearly full and prices tumbling to pre-war levels.

After the sharp turnaround over the past month, Europe is most likely already through the worst of the crisis.

The combination of conditions including China's Covid-19 woes blunting competition for liquefied natural gas (LNG) cargoes take the edge off inflation, stabilwill ise Europe's economic outlook and leave the Kremlin with less leverage over Ukraine's allies, if they persist.

While a cold snap or delivery disruptions could still throw energy markets into disarray, optimism is growing that Europe can now make it through this winter and next.

"The danger of a complete economic meltdown, a core meltdown of European industry, has as far as we can see - been averted," German Economy Minister Robert Habeck, a key architect of the country's response to the energy crisis, said during a trip to Norway, which has taken Russia's place as Germany's biggest gas supplier.