Editor’s Note: This column is part of a regular series by industry veteran Brad Hitch for NGI’s LNG Insight dedicated to addressing the complexities of the global natural gas market.

Although a stranded one, Spain’s natural gas market became a European hub years ago. Since then, the Spanish market has evolved to hold a unique role in the global market, but it’s worth noting that its position was largely carved by how the country adapted to the Great Recession.

The financial crisis that gripped the world in the wake of the 2008 Lehman Brothers bankruptcy took a significant toll on the Spanish economy that persisted into the early 2010s. Spanish gross domestic product showed a sharp economic contraction in 2009 followed by no growth or further contractions over the next...