Gas Prices in Asia and Europe Jump as Qatar Extends LNG Force Majeure
Natural gas prices in Asia and Europe jumped on Friday as the market digested reports that Qatar has extended the force majeure on its LNG deliveries into November amid still blocked transits through the Strait of Hormuz. In Asia, the spot LNG price jumped to $23.388 per million British thermal units (MMBtu) on Friday, traders told Bloomberg.
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Key Facts
- Fact 1: In Asia, the spot LNG price jumped to $23.388 per million British thermal units (MMBtu) on Friday, traders told Bloomberg.
- Fact 2: In Europe, the LNG price surged this week to the highest level since 2023, while the benchmark natural gas prices in Europe at the Dutch Title Transfer Facility (TTF) rose by 2% in morning trade in Amsterdam, to top $80 (69 euros) per megawatt-hour (MWh).
- Fact 3: Europe is heading for the winter with gas storage sites barely 63% full as of this week, compared to a five-year average of about 80%.
- Fact 4: By Charles Kennedy for Oilprice.com More Top Reads From Oilprice.com Qatar Extends Force Majeure as Hormuz Crisis Still Blocks LNG Traffic MIT Uses AI to Challenge a Century-Old Process for Mass Ammonia Production Qatar and Kuwait Restore 70% of Pre-War Oil Exports Through Hormuz
Natural gas prices in Asia and Europe jumped on Friday as the market digested reports that Qatar has extended the force majeure on its LNG deliveries into November amid still blocked transits through the Strait of Hormuz. In Asia, the spot LNG price jumped to $23.388 per million British thermal units (MMBtu) on Friday, traders told Bloomberg.
The spot LNG price has been hovering at four-year high levels this week, as supply has tightened with the absence of Qatari term deliveries since the Iran war began. In addition, utilities in Asia have been outbidding Europe for LNG supply this summer amid a shrinking pool of Middle East cargoes, which other producers cannot fully offset with increased deliveries. In Europe, the LNG price surged this week to the highest level since 2023, while the benchmark natural gas prices in Europe at the Dutch Title Transfer Facility (TTF) rose by 2% in morning trade in Amsterdam, to top $80 (69 euros) per megawatt-hour (MWh).
(Original synthesis pending human/AI review — generated by the stub provider by selecting real sentences from the source material, not by writing new analysis or commentary.)
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