European gas markets react to Qatar strikes with rapid 30% surge

European gas prices jumped sharply on Thursday, March 19, driven by escalating concerns over supply disruptions following attacks on Qatar’s energy infrastructure.

According to the Financial Times, the benchmark TTF gas price rose above $850 per thousand cubic meters, reaching its highest level since January 2023. At the start of trading, April futures surged to $853.7 per thousand cubic meters, marking a 31% increase from the previous level of $651.5. However, within 13 minutes, prices eased slightly to $816.7, still up 25.4% on the session.

The spike comes after QatarEnergy reported missile strikes targeting several liquefied natural gas production facilities. A day earlier, the company confirmed significant damage at Ras Laffan Industrial City in northern Qatar, where the world’s largest LNG plant is located. The damage was caused by fires following the attacks.

The developments have intensified volatility in European energy markets, which remain highly sensitive to disruptions in global LNG supply.

By Tamilla Hasanova