Gas Security Watch: UBS warns Germany’s natural gas storage is only 48% full (lowest for this time of year in 17 years), raising the odds of higher prices and a late-winter squeeze if demand spikes. Sanctions Loophole: Urgewald says Greek firm Dynagas delivered €2.35bn of Russian LNG to EU customers in 7 months, with an exemption letting Russian Arctic LNG keep flowing even as the EU import ban nears. Oil & Markets: European shares drifted lower as Brent pushed above $90 amid Iran-war uncertainty, while euro-zone bond yields hit multi-year highs. Winter Cost Pressure: A Sputnik analysis puts 2026 heating-season gas prep prices about 52% above the 2023-25 average, underlining how Middle East risk is feeding into Europe’s energy bill. Ukraine Drone Fallout: Russia again warned Britain of “consequences” over British-made drones used in strikes inside Russia, as London reiterated support for Kyiv. Grid Under Heat: Ember reports solar “heavy lifting” during heatwaves, boosting output up to 17% and helping cover demand surges. Logistics Strain: Contargo raises rail infrastructure surcharges from 19 August, blaming persistent corridor restrictions across Germany and wider intermodal delays.