Qatar has suspended the shipment of LNG tankers through the Red Sea – Kommersant
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According to agency sources Reuters, the Qatari company QatarEnergy has suspended the transportation of LNG tankers through the Red Sea due to ongoing Houthi attacks on ships. There is no talk of suspending LNG production in Qatar.
The agency said at least four tankers carrying Qatari LNG remained in the country’s ports while US and British forces carried out strikes on Houthi bases in Yemen. “This pause is to obtain security guarantees,” an unnamed source told Reuters. “If the route through the Red Sea is unsafe, there is an alternative route through the Cape of Good Hope (around Africa).”
Reuters notes that the journey around Africa takes an additional nine days. According to ICIS trader Alex Frawley, this could increase the price per MWh by €1–1.3, but the rise in price will be partly offset by the fact that duties will not be paid for passage through the Suez Canal. “Qatar may choose a longer route through the Cape of Good Hope, which may lead to some delays in receiving fuel, but there are no dramatic consequences to speak of,” the expert believes.
The situation with Qatari ships has not yet affected prices. This morning the price of gas in Europe is even decreased by €1.1, up to €30.5 per MWh. According to experts, morning reports about the situation with LNG transportation through the Red Sea were offset by reports released a little later about solid gas reserves in Europe and forecasts of fairly warm weather in the coming months. “It is obvious that we will end the winter with good gas reserves in storage,” the agency quotes traders from the consulting company Auxilione.
Read more about US strikes on Yemen in the material “The Red Sea is even redder”.
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