EU Natural Gas Surges 50%

2026-03-02 12:43 By Andre Joaquim 1 min. read

European natural gas futures surged as much as 50% to a one-year high of €48/MWh before trimming gains to €43/MWh as war in the Middle East triggered direct disruption of gas supply to Europe.

QatarEnergy suspended the production of liquified natural gas in its Ras Laffan and Mesaieed complexes, responsible for around 20% of global LNG supply, after a drone targeted a water tank at the energy facility.

The suspension of supply from Qatar threatens around 15% of LNG imports to the European Union, magnifying tight shipments from an already tight global LNG market, and increasing bidding competition from US sources.

Besides the targeted attacks at the LNG facility, LNG carrier operators halted flows of tankers through the Strait of Hormuz, limiting supply from other key Middle Eastern gas producers.

The risks are compounded by relatively low EU gas storage levels, currently below 31%, compared with 40% at the same time last year.



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