QatarEnergy LNG Market Disruptions Lasting Months Amid Force Majeure

AI Summary

QatarEnergy has extended a force majeure notice, withholding an additional four LNG cargoes scheduled for Italy until early September, bringing the total affected cargoes to 21, equivalent to 2.7 billion cubic meters of natural gas. This disruption is due to damage from Iranian missile attacks, curtailing production by 12.8 million tons annually, or 17% of Qatar's LNG exports. The situation has also affected the annual natural gas supply to Italy, contracted at 6.4 billion cubic meters. Natural gas prices have remained elevated, with August futures at $15.521 per million BTUs, up from $10.697 pre-war.