Natural gas prices in Asia and Europe jumped on Friday as the market digested reports that Qatar has extended the force majeure on its LNG deliveries into November amid still blocked transits through the Strait of Hormuz.

Europe is losing the battle with Asia for scarce LNG cargoes, pushing TTF gas and northwest European LNG prices to their highest levels since 2023.

Qatar's LNG force majeure just tightened again and TTF hit new cycle highs. Europe is heading into winter short, and its officials are relaxed.