European gas prices rise as QatarEnergy extends force majeure on LNG supplies

Filed 1h ago · Via NV · The Buffoon Desk

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Evil March

Kevin MacLeod · incompetech.com · CC BY 4.0

Photo: European Parliament · European Parliament · via Wikimedia Commons

European gas prices rebounded after QatarEnergy extended force majeure on LNG deliveries to Italy's Edison through December, undoing last week's price drop. A separate extension covers Pakistan through November, with traders citing continued difficulty moving gas through the Strait of Hormuz.

Iran said it won't soften its terms for reopening the strait after President Trump rejected its latest proposal, though talks may resume this week. About a fifth of the world's LNG normally transits that route, and Europe's storage sites sit at roughly 71% full against a five-year average of 87%, with Germany's larger facilities at just over 57%.

Germany has reportedly discussed mandatory storage-filling requirements with industry for next year, after this summer's refill effort fell short. Qatar's Ras Laffan plant, still running at reduced capacity after a March attack, says it can ramp up quickly if the strait fully reopens.

The full dispatch is available from the source below.

✒ FROM THE EDITORIAL DESK

Europe keeps hearing that supply will come back any week now, the same way a neighbor keeps promising to mow before the grass swallows the mailbox. Meanwhile the tanks sit less full than they should be with winter coming on regardless of anyone's diplomacy. A strait doesn't care how the talks are going.

Source: Read the original at NV → Scored: Evil March · Kevin MacLeod · CC BY 4.0

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