The competition for LNG cargoes in European and Asian markets has intensified due to Qatar's export restrictions and developments in the Strait of Hormuz. This situation has led to an increase in gas prices in regional markets and concerns about gas storage ahead of the cold season.
Increase in Global Gas Prices
Gas prices in regional markets rose in the week ending September 11, 2026. The weekly average price in the Northeast Asia market reached $26.76 per million BTU. In the Southwest Europe market, the average price reached $26.05. In the UK NBP market, the weekly average price was recorded at $26.34, and the price of natural gas in the Netherlands (TTF) also reached $26.77. In the Henry Hub market in the United States, the weekly average price was $2.82.
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The daily trend also indicated an increase in prices in Asian and European markets. On September 7, the price in Northeast Asia was $25.50, and by September 10, it had risen to $27.93. By the end of the week, this price stood at $28.63. The price increase in European markets also continued, with the weekly average approaching levels seen in the Asian market, indicating heightened competition for LNG supply ahead of the cold season.
Impact of Qatar's Export Restrictions and the Strait of Hormuz
The Strait of Hormuz became one of the key variables in the gas market during the week in question. The halt of a significant portion of maritime traffic through this route and the restrictions on Qatar's LNG exports have raised concerns about access to LNG cargoes in Asian and European markets. Asia, due to its high dependence on LNG imports and the need to replace cargoes from West Asia, has been directly affected by these conditions. Europe, meanwhile, is competing with Asia for available cargoes in the market as winter approaches and storage levels are relatively weak.
As a result, the LNG market has shifted away from being merely regional, and prices in one region can be directly influenced by the needs of another region. Continued tensions could keep gas prices in regional markets at higher levels.
Concerns About Gas Storage in Europe
One of the primary concerns in the European market is the volume of gas storage before the onset of winter. The gas storage capacity of the European Union reached approximately 65.4% by the end of August, which is 12% lower than in August of the previous year. Despite increased gas injections into storage facilities and the conversion of LNG to gas in the European network, competition with Asia for LNG cargoes has still limited the filling of storage.
A decrease in gas export flows from Norway through pipelines could also restrict supply to Europe this month. Achieving the European Union's minimum storage target of 75% before winter has been deemed impossible by many market participants.
On the supply side, Qatar's situation remains one of the key variables in the LNG market. Qatar Energy has announced that the emergency conditions for delivering cargoes to the Adriatic terminal in Italy have been extended until early November. Given recent developments, the LNG market requires a ceasefire and normalization of export flows to overcome the current pressure.
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