WATCH: 🇮🇷🇺🇸 Iranians are forming human shields around the Kazeroun power plant amid fears of potential U.S. strikes if the IRGC does not reopen the Strait of Hormuz by tonight at 8 PM Eastern Time.
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🔴European gas prices soar almost 50% as Iran conflict halts Qatar LNG output
Around 20 percent of the world’s LNG transits through the Strait of Hormuz. Shutterstock
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Reuters
Analysts warn prolonged disruption could push prices higher
Some shipments of oil, LNG through Strait of Hormuz suspended
Benchmark Asian LNG price up almost 39 percent
LONDON: Benchmark Dutch and British wholesale gas prices soared by almost 50 percent on Monday, after major liquefied natural gas exporter Qatar Energy said it had halted production due to attacks in the Middle East.
Qatar, soon to cement its role as the world’s second largest LNG exporter after the US, plays a major role in balancing both Asian and European markets’ demand of LNG.
Most tanker owners, oil majors and trading houses have suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz, trade sources said, after Tehran warned ships against moving through the waterway.
Europe has increased imports of LNG over the past few years as it seeks to phase out Russian gas following Russia’s invasion of Ukraine.
Around 20 percent of the world’s LNG transits through the Strait of Hormuz and a prolonged suspension or full closure would increase global competition for other sources of the gas, driving up prices internationally.
“Disruptions to LNG flows would reignite competition between Asia and Europe for available cargoes,” said Massimo Di Odoardo, vice president, gas and LNG research at Wood Mackenzie.
The Dutch front-month contract at the TTF hub, seen as a benchmark price for Europe, was up €14.56 at €46.52 per megawatt hour, or around $15.92/mmBtu, by 12:55 p.m. GMT, ICE data showed.
Prices were already some 25 percent higher earlier in the day but extended gains after QatarEnergy’s production halt.
Benchmark Asian LNG prices jumped almost 39 percent on Monday morning with the S&P Global Energy Japan-Korea-Marker, widely used as an Asian LNG benchmark, at $15.068 per million British thermal units, Platts data showed.
“If LNG/gas markets start to price in an extended period of losses to Qatari LNG supply, TTF could potentially spike to 80-100 euros/MWh ($28-35/mmBtu),” Warren Patterson, head of commodities strategy at ING, said. The British April contract was up 40.83 pence at 119.40 pence per therm, ICE data showed.
Europe is also relying on LNG imports to help fill its gas storage sites which have been depleted over the winter and are currently around 30 percent full, the latest data from Gas Infrastructure Europe showed. In the European carbon market, the benchmark contract was down €1.10 at €69.17 a tonne
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فرصت محدود و ویژه تا شانست رو برای بردن تا 10 میلیون تخفیف برای خرید محصول موردعلاقت امتحان کنی😍🎁
همین حالا تا فرصت تموم نشده اطلاعات بیشتر از اینجا ببین👇
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Senate Democrats are so triggered by the proposed coin celebrating our nation's 250th anniversary that they are trying to recklessly change law to block it. The American people deserve a commemorative coin celebrating our great nation. While Senate Democrats continue to maintain self-serving motives, the Trump Administration is delivering prosperity and patriotism.
CLOSE ENCOUNTER: A Russian cosmonaut lightens the mood with an alien mask while joining newcomers after their SpaceX capsule docks at the station to rescue astronauts who have been stranded in space for nine months.
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“Ignore the noise, look for the signal.
Trump’s vision? A U.S.-Canada economic union—the largest economy on Earth.
China will never catch up.
The U.S. is the biggest consumer market, Canada is the richest in resources.
Trump wants zero tariffs, erase the border economically, and everyone wins.”
Source: @JesseBWatters@kevinolearytv
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"I can tell you what the nonpartisan GAO has identified—we had a hearing on this earlier today.
They've found what they believe to be about $500 billion in fraudulent payments across the federal government.
That includes Social Security, Medicare, and Medicaid.
These aren't payments going to people who deserve them.
This is outright fraud."
Source: @RepBrandonGill
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