Europe's benchmark natural gas price, TTF, recently surged above €88 per megawatt-hour, marking a new high for the year and more than tripling since before the Middle East conflict erupted in mid-February. However, according to an analysis by the Financial Times, there is a significant discrepancy between the price increase and the actual supply gap, suggesting that excessive concern may be unwarranted and supply pressures could be temporary. The analysis points out that the reduction in global LNG supply is limited, European natural gas demand continues to contract, and there are statistical biases in gas storage metrics. Furthermore, with medium-term supply increases set to be released, market fears of a tight supply this winter may be overblown.