European gas is around €80/MWh while U.S. Henry Hub is around $2.8/MMBtu, with the European market being squeezed by lost Middle East LNG and low storage heading into winter.
Qatar is now looking for U.S. LNG through 2031
QatarEnergy is negotiating multi-year deals with U.S. LNG producers after damage to Ras Laffan knocked out about 12.8 million tonnes a year of Qatari capacity. That is a pretty clear sign Qatar doesn’t expect the disruption to disappear quickly.
September 11 — European gas prices hit their highest level since 2022
TTF jumped to about €78.72/MWh, up more than 40% this month. Qatar has extended force majeure on some LNG contracts through early November, while Europe enters winter with storage only around 67% full.
September 11 — European factories are already getting squeezed
European manufacturers are seeing energy costs explode. One British aluminum producer says energy now represents 18% of total costs. Chemicals, steel and other energy-intensive industries are warning about production cuts, job losses and moving investment elsewhere.
September 9 — EU’s Russian gas exit is running into a supply problem
https://www.reuters.com/business/energy/eus-russian-energy-exit-faltering-auditors-say-2026-09-09/
The European Court of Auditors says the EU’s effort to eliminate Russian gas is struggling. Russian gas’s share has fallen from 45% to 12%, but the bloc still hasn’t replaced the lost supply cheaply. The planned 2027 Russian LNG ban is arriving while the global LNG market is already tight.
September 8 — Germany has gas, but it’s paying for the diversification
Germany’s storage was only 53% full, its lowest level in 15 years. Norway has become its biggest supplier, while LNG terminals have replaced part of the Russian pipeline supply. But European prices are now at their highest since January 2023.
h/t RobertBartus