Poland's Orlen becomes the first long-term QatarEnergy buyer to cancel an LNG contract, 1 million tons a year, as force majeure drags on. Qatar's exports are 2.7M tons vs ~6.2M in February. #LNG# #Qatar# #Hormuz# #Poland# #Orlen#

Polish energy company Orlen terminated one of its two long-term liquefied natural gas contracts with QatarEnergy, citing the export giant’s inability to deliver amid a prolonged conflict

Polish oil refiner Orlen posted a series of tenders to buy crude, a potential sign that some buyers of Middle Eastern supplies are looking to secure alternative barrels following the shutdown of a key Saudi pipeline

EUROPEAN GAS PRICES RISE AS UNCERTAINTY SWIRLS OVER IRAN WAR European natural gas prices climbed as uncertainty surrounding the Iran war and disruptions to global energy supplies heightened concerns over the region’s winter fuel availability. Benchmark Dutch gas futures rose above €85 per megawatt-hour, reaching €86.78, up 2.4%, as attacks on tankers in the Strait of Hormuz continued and diplomatic efforts to end the conflict showed limited progress. The conflict has disrupted nearly a fifth of global liquefied natural gas (LNG) exports, intensifying competition between Europe and Asia for available supplies. Europe is facing additional pressure as LNG imports remain below last year’s levels and already-low winter gas inventories have begun declining amid the heating season. Qatar’s supply disruptions have further tightened the market, with Poland’s Orlen terminating a long-term LNG contract with QatarEnergy over delivery difficulties. Although prices have eased from recent peaks on hopes of diplomatic progress, continued supply disruptions and uncertainty over shipments through the Strait of Hormuz are keeping European gas prices elevated.