Winter starts frigid in western Europe amid energy crunch

• The colder-than-average weather has further raised energy prices and put a spotlight on the flow of Russian natural gas into Western Europe.

Details: Scandinavia lies at the epicenter of the cold snap, with temperatures dipping as low as -35°F in Sweden. Computer model projections show the cold intensifying into the weekend, with reinforcing waves spilling south and west, affecting more heavily populated countries.

Yes, but: There are some signs, however, that by mid-to-late December, temperatures will moderate back to seasonable levels.

Context: According to S&P, citing data from Gas Infrastructure Europe, gas storage sites in the EU and U.K. were just 68.5% full as of Nov. 29, compared with a level of almost 89% at the same time last year.

What they're saying: "Given that the overall level of storage was low going into the withdrawal season, this is a really bad sign for Europe," Nikos Tsafos of the Center for Strategic and International Studies told Axios via email. "A mild winter has been our best hope to avoid a tight situation this winter."

• "If this trendline continues, we are headed from a crunch to a crisis."