Dutch gas holds near €100 on Houthi attacks and QatarEnergy force majeure
UNG•The Dutch front-month gas contract rose €1.30 to €97.36 per megawatt hour, as Houthi attacks intensified and QatarEnergy extended its LNG delivery force majeure through the end of December.
1. Dutch gas gains
The Dutch front-month contract at the TTF hub rose €1.30 to €97.36 per megawatt hour by 0836 GMT on Wednesday. The British front-month contract gained 3.70 pence to 241.00 pence per therm.
2. Supply and demand risks
QatarEnergy extended its force majeure on LNG deliveries to the end of December from an early-December deadline. Edison and some South Asian clients will not receive LNG from the Gulf supplier until year-end. Lower forecast temperatures in north-west Europe and below-normal German wind output could lift gas demand. LSEG gas research head Wayne Bryan said the combination could see prices test €100 per MWh, which would be the highest since December 2022.
3. Regional tensions
Yemen's Houthis said they had struck Saudi Arabia's biggest oil refinery with a missile; Saudi authorities did not immediately confirm the strike. Citi analysts said the TTF winter 2026-2027 gas spread could reach €85 per MWh if Middle East tensions escalated without LNG facilities being hit, or around €154 per MWh if they were hit.
