Asia spot LNG hits $23.388/MMBtu as Qatar extends LNG force majeure into November
AI Market Summary
Qatar's extension of LNG force majeure into late Oct/early Nov, with Hormuz LNG traffic still stalled, tightens global gas supply ahead of winter. Asian spot LNG jumped to $23.388/MMBtu and Europe's TTF benchmark moved above $80/MWh as Europe enters the heating season with storage near 63% versus ~80% five-year norms. The shock raises near-term volatility and strengthens the risk premium in gas markets.
Impact level
● High
Affected assets
NCCO7241NATGAS2USD/USDT-0.72%
AI Insight · NCCO7241NATGAS2USD/USDTAI Insight
▲ Bullish
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Qatar has extended force majeure on its LNG deliveries into November as transits through the Strait of Hormuz remain blocked, lifting gas prices in both Asia and Europe. Asia’s spot LNG price rose to $23.388 per million British thermal units (MMBtu), while Europe’s Dutch TTF benchmark moved above $80 per megawatthour. Europe is approaching winter with gas storage only 63% full, well below the five-year average of about 80%, adding to supply concerns.
