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Gas prices rise in Asia and Europe as Qatar extends LNG force majeure
Asia spot LNG rose to $23.388 per MMBtu, while Europe moved higher with TTF topping $80 per MWh and storage at about 63% full versus a roughly 80% five-year average.
Natural gas prices jumped in Asia and Europe after reports said Qatar extended a force majeure on its LNG deliveries into November, with transits through the Strait of Hormuz still blocked, OilPrice reports.
In Asia, the spot LNG price climbed to $23.388 per million British thermal units on Friday, and the market has been hovering at four-year high levels this week as supply tightened with the absence of Qatari term deliveries since the Iran war began.
OilPrice also said Asian utilities have been outbidding Europe for LNG supply this summer as the pool of Middle East cargoes shrank, and other producers have not been able to fully replace the missing volumes.
In Europe, the LNG price surged to the highest level since 2023, with the benchmark Dutch Title Transfer Facility rising by 2% in morning trade in Amsterdam to above $80 per megawatt-hour, while gas storage sites were barely 63% full as of this week compared with about 80% on average over the past five years.
Latest closeNat gas $2.918 ▲5.3%