European natural gas fell up to 3% on Friday after Israel and the US reassured
markets following attacks on Persian Gulf energy facilities. Prices remain up
about 20% for the week and have doubled since the war began. Missile strikes on
Qatar’s Ras Laffan LNG plant damaged two trains, representing 17% of exports,
with repairs potentially taking five years. Morgan Stanley sees a 4% supply
shortfall in 2026, with prolonged outages affecting 2027–2028 oversupply
forecasts.
