QatarEnergy Extends LNG Supply Disruptions, Keeping Global Gas Prices Elevated

European natural gas markets remain under pressure as QatarEnergy continues to grapple with the aftermath of March attacks on its infrastructure. The energy giant has extended its force majeure notice, resulting in the cancellation of four additional LNG shipments destined for Italy's Adriatic LNG terminal through early September. This brings the total number of impacted cargoes to 21 since April, representing approximately 2.7 billion cubic meters of natural gas. While Edison SpA, the Italian utility, has managed to source alternative supplies for 14 of the affected shipments, the broader market remains sensitive to the ongoing supply instability. The damage at the Ras Laffan facility—which curtailed annual production by 12.8 million tons—is estimated to cost $20 billion in annual revenue and could require five years of repairs. Despite a 60-day ceasefire between the U.S. and Iran, regional volatility persists; recent reports indicate LNG carriers have diverted near the Strait of Hormuz following warnings from Iranian forces. Analysts note that a combination of residual risk premiums, robust demand from China and Thailand, and nuclear outages in South Korea are keeping prices high. As of June 24, the JKM benchmark for Northeast Asia sat at $15.521 per million British thermal units, significantly higher than the $10.697 recorded just before the conflict began on February 27.