As the shipping crisis in the Middle East intensifies, the market is preparing for a situation where disruptions will last for several months, and European natural gas follows the rise in oil prices.
Bloomberg reported that the benchmark futures price rose for the second consecutive day, surging by 7.7% at one point and recovering some of the losses from earlier in the week. Oman's main oil export terminals evacuated ships, and two oil tankers were attacked in Iraqi waters, further reflecting the pressure on the global energy market.
In the liquefied natural gas (LNG) sector, as market supply tightens, Asian buyers are preparing to increase their purchases over the next two months.
Morgan Stanley has raised its forecast for the year-end price of natural gas in Europe, as the region needs to stockpile a large amount of LNG in the summer to replenish depleted fuel inventories. Morgan Stanley predicts that Qatar's LNG production will be disrupted for at least one month, and as a result, the previously expected global fuel surplus situation in 2026 is completely out of reach.
At 8:26 a.m. on Thursday (March 12th) in Amsterdam time, the Dutch near-month futures, which serve as the benchmark for European natural gas, rose by 3.4% to 51.67 euros per megawatt-hour.
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