European Gas Prices Soar 35% Amid West Asia Tensions, LNG Supply Fears

• European gas prices surged up to 35% due to escalating tensions in West Asia impacting LNG supply.
• Qatar Energy's Ras Laffan complex, accounting for 20% of global LNG output, sustained extensive damage from recent attacks.
• The attacks raise fears of prolonged disruptions, potentially keeping gas prices elevated across Europe and Asia.
• Europe faces a challenging situation with lower winter storage levels, competing with Asian buyers for limited LNG supplies.
• Outages from Qatar could last months or even years, with impacts persisting even after the conflict subsides.