Bank of America says the European natural gas crisis is getting worse.
Russia's actions to limit supply to the region was highlighted in a Monday research note.
The European gas situation has moved from bad to ugly in the past month, according to the bank.
Since it invaded Ukraine, Russia has wreaked havoc on the energy markets. In July, Russia's state-run energy giant slashed flows to just 20% along the Nord Stream line, a week after it cut flows completely for 10 days for maintenance.
40% of the region's natural gas consumption is accounted for by Russia.
Germany and France have found ways to plan on rationing gas supplies in order to have enough for when the weather gets cold. In Germany, some cities have turned off lights on historic monuments to save energy.
The EU is planning for widespread demand rationing due to the fact that the storage builds into winter could be insufficient. What happened to this? The bank said so.
Natural gas futures are close to the 200 euro-per-megawatt-hour mark, not far from the 300 euro mark, due to tensions between Russia and Europe. European nat gas spot and forward prices have settled into a higher range as pessimism on Russian supplies grows.
Russia's gas leverage is waning so the country might use it before it loses it. Weather, a ceasefire, and a reduction of subsidies to consumers are some of the key risks to TTF.
Dutch TTF natural gas futures have risen by almost 200% so far this year, compared with a doubling in UK and US prices in the same time.
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