Europe faces good news and bad news.

The good news? Natural gas prices on the benchmark Dutch TTF exchange are down 71% from their absurdly high levels in late August. Back then, worries about supply shortages, Russia’s stoppage of gas flows through the Nord Stream pipeline, and a cold winter created a sense of impending doom. The bad news is that EU leaders are still trying to figure out a long-term gas market strategy without inadvertently causing further disruptions.