It’s an old truism of commodity markets that the best cure for high prices is, eventually, high prices.

Demand gets curbed, new supply gets stimulated and in time prices retreat as the market moves back into balance. But in European energy markets right now, that old truism is being tested.

Natural gas prices have soared to the highest on record, both in continental Europe and in the U.K. (at least for the time of year) and with it everything from the price of home heating to electricity is rising sharply.

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