After scaling fear-inducing peaks in mid-2022, European natural gas prices have been trending lower for several weeks. And the sense of relief is almost palpable, with warmer-than-normal weather on the continent early this fall adding to the good feeling. But Burggraben Holding AG Founder and Chief Investment Officer Alexander Stahel won’t “be relaxed about this market, at least until ’25.” In conversation with Real Vision Senior Markets Editor Andreas Steno Larsen, Stahel enumerates the many challenges in front of policymakers, including Europe’s “imperfect infrastructure,” Russia’s weaponization of oil and gas, and the European Union’s net carbon targets for 2050. All of that, as Stahel explains, is fuel enough for the energy crisis to continue into, through, and beyond 2023. There are solutions, though, and there will be winners climbing out of the chaos. Recorded on October 24, 2022.