Europe must be prepared to outbid Asia for LNG to meet any supply challenges this winter. But it also needs to be prepared for another summer glut if the winter is mild. Either way, price volatility is guaranteed. While European gas buyers used to be able to request more Russian pipeline gas committed under flexible long-term contracts to meet winter demand peaks, LNG answers the call of whichever market offers higher returns. This leaves open the possibility of a bidding war between Europe and Asia for marginal supply.