US EditionEuropean natural gas futures spike 42.6% in wake of shutdown of major Gulf liquid natural gas supplier
QatarEnergy halted 20% of global LNG supply due to Middle East conflict, pushing European natural gas futures up 43% on ICE amid fears of prolonged supply disruptions.
- On Monday, European natural gas futures spiked 42% after QatarEnergy said it would stop liquefied natural gas production amid the Mideast war, taking a top supplier offline.
- Shipping disruptions through the Strait of Hormuz have intensified as tanker traffic dropped sharply amid satellite navigation interference, with at least a dozen empty tankers diverted, affecting LNG transit from Qatar, which supplies roughly 20% of global LNG.
- Market readings show European whole gas prices surged 52% on Monday, with the April delivery natural gas contract in London rising about 43% to 115p per therm and ICE futures hitting 45.46 euros.
- Global markets reacted with losses and sector rotation as London's FTSE 100 fell about 1.6%, while Shell and BP gained 4.5% and 3.5%, and travel sector stocks slid sharply.
- In the UK, gas prices could raise household bills in the coming months as analysts warn that a prolonged LNG supply disruption would push Asia's spot LNG price up 130% to $25 per MMBtu, while U.S. LNG export capacity would not offset Persian Gulf losses soon.
127 Articles
127 Articles
The natural gas yesterday put the instability in the Middle East and the closure of the Strait of Ormuz with a price rise of up to 50%. With an already stressed market, the attack on Qatar's energy facilities led the country, responsible for 20% of the exports of liquefied gas in the world, to stop production in its largest plants. The reaction was immediate: the price index of gas in Europe (the Dutch TTF) skyrocketed to 49 euros the MWh, to yi…
War With Iran Isn’t Just an Oil Story
The world’s second largest exporter of liquified natural gas is off the market. Qatar’s state-owned energy company announced Monday morning that its LNG production and export operations were halting “due to military attacks on QatarEnergy’s operating facilities,” including the Raf Laffan plant, which accounts for about 20% of global LNG supplies, according to Bloomberg.This is very good news for U.S. LNG exporters and very bad news for anyone wh…
The scale of the conflict in the Middle East resulted in the suspension of the production of natural gas Liquefeito (GNL) in the largest world unit in Qatar, causing rise in European prices of natural gas. In the beginning...
The conflict has triggered the price of natural gas in markets, which rises by 40 percent in just one day.
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