The International Energy Agency (IEA) said Tuesday market fundamentals rather than the energy transition are to blame for record natural gas prices in Europe, but it stressed that Russia could be doing more to help ease the crisis. 

European natural gas prices increased by nearly 16% Monday, with the front-month UK benchmark finishing close to $27/MMBtu. Prices for October in northwestern Europe were at nearly $26. Some manufacturers have curbed production because of high gas prices, while the UK government and others across the continent have indicated they will assist energy suppliers and consumers during the crisis. 

Russia has faced backlash over its inability to send additional natural gas to the continent via pipeline. It has not elected to take surplus pipeline capacity...