Qatar's LNG Supply Disruption Sends European Gas Prices Soaring

European gas prices are rising after falling over 9% last week due to QatarEnergy's extension of force majeure on liquefied natural gas supplies. The company, one of the world's largest LNG producers, has extended its force majeure on deliveries to Italy's Edison SpA through December and Pakistan through November.

QatarEnergy operates its LNG plant in Ras Laffan at reduced capacity after it was attacked and shut down in March. The Strait of Hormuz remains closed, disrupting gas transportation and causing uncertainty over global winter supplies.

The European Union has warned member states of a potential energy price crisis, urging them to consider measures to curb demand and continue filling gas storage sites. Europe's vast gas storage sites are currently about 71% full, below the five-year seasonal average of 87%, although LNG imports have begun to rise since mid-August.