Asian LNG Prices Hit 3-Year High as Qatar Suspends Production After Strikes

Asian spot LNG prices surged to $35.40 per million British thermal units (mmBtu), marking their highest level in three years. This dramatic price spike follows a total production suspension by QatarEnergy after Iranian strikes targeted its key LNG infrastructure. The market reaction reflects the severity of the disruption, as Qatar’s production capacity accounts for approximately 20% of the total global LNG supply. Prices have effectively doubled within a single week, underscoring the massive supply shock triggered by the geopolitical escalation. Traders are bracing for prolonged volatility across major benchmarks, including the JKM and Dutch TTF, as the duration of the outage remains uncertain. This unprecedented removal of supply from the global market is expected to maintain significant bullish pressure on energy prices in the near term.