QatarEnergy's Force Majeure Triggers European Gas Price Surge

European gas prices are surging after falling by more than 9% last week following QatarEnergy's extension of force majeure on liquefied natural gas supplies.

Qatar's state-owned QatarEnergy has extended the force majeure on LNG deliveries to Italy's Edison SpA through December, while the issue affecting Pakistan was prolonged until November due to difficulties transporting gas through the Strait of Hormuz.

The European Union has warned member states of a potential energy price crisis and urged them to consider measures to curb demand and continue filling gas storage sites.

Dutch front-month gas futures, the benchmark for the European market, rose 2.2% to 73.67 euros per megawatt-hour as of 9:39 a.m. in Amsterdam.