Asian and European Gas Prices Surge as Qatar Extends LNG Force Majeure Through November
Source Summary
Natural gas prices in Asia and Europe jumped on Friday following reports that Qatar extended its force majeure on LNG deliveries into November due to blocked transits through the Strait of Hormuz. Asian spot LNG prices reached $23.388 per million British thermal units, hovering at four-year highs as Qatari term deliveries have been absent since the Iran war began.
Why it matters
The extended force majeure and supply disruption directly drive up energy costs for utilities and consumers across Asia and Europe during a period of already elevated prices.
