European Gas Prices Jump 45% as Qatar Stops LNG Production

RTE

Qatar Energy suspended production of LNG at Ras Laffan Industrial City

European natural gas prices surged on Monday as the escalating conflict in the Middle East caused Qatar to stop LNG production at the world’s top plant.

The benchmark European gas price, traded on the Dutch TTF hub, rose by as much as 45% to around €46 per megawatt-hour in early afternoon trading.

UK natural gas prices also surged, with the NBP benchmark climbing sharply in tandem with continental markets.

High market volatility has driven sharp minute-by-minute swings.

The sharp increase follows U.S. and Israeli strikes on Iran, which have heightened tensions in a region critical to global energy flows.

QatarEnergy announced early Monday afternoon that it had halted liquefied natural gas production linked to the giant North Field gas reservoir following an attack on its facilities, but gave no further details as to the extent of the impact on operations.



PUKMEDIA