QatarEnergy’s decision to extend force majeure on deliveries through November has intensified the scramble for supply. Utilities across Pakistan, Bangladesh, India, Taiwan, and South Korea are currently scouring the market for October and November cargoes, driving the cost well above Friday’s $23.388 per MMBtu level. The market remains particularly sensitive to the latest exchange of fire between U.S. and Iranian forces, the first such hostilities in over a month.

European markets are mirroring this volatility. The Dutch Title Transfer Facility benchmark rose 5% on Monday, clearing 70 euros per megawatt-hour. By Tuesday morning, front-month futures reached $82.60 per megawatt-hour in Amsterdam. This represents the highest valuation for the European benchmark since January 2023, as traders weigh the risk of long-term supply disruptions from the Middle East against tightening seasonal demand.