LNG Market Is 'Slightly Driven by Fear,' Says Vitol CEO

The video discusses the current state of oil and gas markets, highlighting the demand for OPEC and shale oil as markets anticipate future supply issues. It examines the impact of the polar vortex on gas prices in Asia and Europe, noting the challenges in LNG supply due to production problems and increased demand. The video also explores the dynamics of the European gas market, emphasizing the role of LNG and the effects of shipping constraints.

What does the term 'contango' and 'backwardation' refer to in the context of the energy market?

Discuss the implications of the current market conditions on European gas prices.