European natural gas prices rise after attacks on Middle East energy infrastructure
The Facts
- European natural gas prices rose sharply on Thursday after attacks on energy infrastructure in the Middle East.
- The Dutch TTF benchmark for next-day natural gas trading increased by about 24% to 24.8% in early trading.
- The attacks included a strike on a key liquefied natural gas facility in Qatar.
- The Qatar facility targeted in the attacks is described by sources as a major LNG export site that normally supplies about one-fifth of the world's LNG consumption or gas supply.
- Reports said the attacks also hit two oil refineries in Kuwait.
- Sources said the energy market disruption was linked in part to the effective closure of the Strait of Hormuz to tanker traffic.
- The price spike in gas came alongside a rise in Brent crude oil prices.
Context
Why did European gas prices move so sharply?
Sources say the jump followed attacks on energy infrastructure in the Middle East, including a strike on Qatar's LNG export facility, which raised concerns about supply disruptions Investing.com Democratic Undergro… Times of Israel.
Why does the Qatar facility matter to global gas markets?
The facility is described as a major LNG export terminal, and sources say Qatar normally accounts for about 20% of the world's LNG consumption or gas supply, so any disruption can affect global prices CBS News Democratic Undergro… Times of Israel.
What wider market effects were reported?
Along with higher gas prices, sources reported gains in oil prices and warned that disruptions around the Strait of Hormuz could prolong energy market stress Democratic Undergro… Times of Israel Investing.com.
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