European fuel is round €80/MWh whereas U.S. Henry Hub is round $2.8/MMBtu, with the European market being squeezed by misplaced Center East LNG and low storage heading into winter.
https://www.wsj.com/articles/europe-gas-prices-seen-higher-as-hormuz-disruption-squeezes-lng-supplies-commerzbank-says-302e1a6d
Qatar is now on the lookout for U.S. LNG by way of 2031
https://www.reuters.com/enterprise/power/qatarenergy-seeks-us-lng-deals-through-2031-sources-say-2026-09-11/
QatarEnergy is negotiating multi-year offers with U.S. LNG producers after injury to Ras Laffan knocked out about 12.8 million tonnes a yr of Qatari capability. That may be a fairly clear signal Qatar doesn’t count on the disruption to vanish rapidly.
September 11 — European fuel costs hit their highest stage since 2022
https://www.wsj.com/finance/commodities-futures/european-gas-prices-hit-highest-since-2023-as-market-braces-for-prolonged-lng-squeeze-799356de
TTF jumped to about €78.72/MWh, up greater than 40% this month. Qatar has prolonged pressure majeure on some LNG contracts by way of early November, whereas Europe enters winter with storage solely round 67% full.
September 11 — European factories are already getting squeezed
https://www.theguardian.com/enterprise/2026/sep/11/just-worry-upon-worry-europe-faces-a-bleak-winter-as-supply-shock-pushes-factories-to-the-brink
European producers are seeing power prices explode. One British aluminum producer says power now represents 18% of whole prices. Chemical compounds, metal and different energy-intensive industries are warning about manufacturing cuts, job losses and transferring funding elsewhere.
September 9 — EU’s Russian fuel exit is operating right into a provide downside
https://www.reuters.com/enterprise/power/eus-russian-energy-exit-faltering-auditors-say-2026-09-09/
The European Court docket of Auditors says the EU’s effort to remove Russian fuel is struggling. Russian fuel’s share has fallen from 45% to 12%, however the bloc nonetheless hasn’t changed the misplaced provide cheaply. The deliberate 2027 Russian LNG ban is arriving whereas the worldwide LNG market is already tight.
September 8 — Germany has fuel, but it surely’s paying for the diversification
https://www.reuters.com/enterprise/power/german-gas-supply-diversification-ensures-imports-price-equinor-says-2026-09-08/
Germany’s storage was solely 53% full, its lowest stage in 15 years. Norway has develop into its greatest provider, whereas LNG terminals have changed a part of the Russian pipeline provide. However European costs are actually at their highest since January 2023.
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h/t RobertBartus
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