Tightness in the world’s natural gas market could extend well into next year as Europe risks ending this winter with record-low fuel inventories and will need to replenish them, according to the International Energy Agency.

QatarEnergy agreed to purchase US liquefied natural gas from Woodside Energy Group Ltd. for two decades, saying it’s now the top buyer of the American fuel as it diversifies from the Middle East.

Benchmark futures are back at crisis levels, but the policy response isn’t there yet.

President Emmanuel Macron said France will receive liquefied natural gas from Qatar during the winter months and will work to lower fuel transport costs from the Persian Gulf as it seeks to curb soaring energy prices.

European natural gas retreated sharply after hitting €90 for the first time in almost four years, with some traders taking profits from the recent rally.

The UK warned that funding constraints could slow the next phase of its carbon capture program, as the government looks to reign in spending and subsidies for the industry.

Two tankers hauling liquefied natural gas from the US diverted toward Europe in recent days as Asian demand dipped, signaling temporary relief for the tight global market before winter kicks in.

European natural gas followed oil higher as traders awaited next steps in efforts to revive shipping through the Strait of Hormuz.

European natural gas rose after Iran threatened to expand the war in the Middle East, dimming hopes that energy flows through the Strait of Hormuz will normalize anytime soon.

Europe needs more long-term contracts for seaborne gas supply to hedge against soaring prices, said the head of Swiss energy company MET Group.

European natural gas flipped to losses from earlier gains as traders weigh Germany’s next moves to boost winter stockpiles, which could determine fuel demand from the county in the coming months.

European natural gas prices rose to the highest since late 2022 as heightening tensions in the Middle East boosted concerns about prolonged supply disruptions and winter fuel inventory levels.

European natural gas surged above €80 a megawatt-hour for the first time in more than three years, intensifying the threat to the region’s economy as the war in the Middle East drives up energy costs just as winter approaches.

A liquefied natural gas tanker that loaded in Qatar early last month has sailed through the Strait of Hormuz, the first visible exit of the country’s LNG via the waterway since July.

European natural gas headed for a fourth weekly gain as fresh fighting in the Middle East boosted concerns about prolonged supply disruptions and winter fuel inventories.

Europe’s natural gas rally took a breather as US President Donald Trump appeared to rule out prolonged military action in the Middle East, raising hopes for renewed talks on recovering energy flows from the region.

Grain LNG, which has the largest capacity to import liquefied natural gas into the UK, has appointed Peter Abdo as its chief executive officer starting October.

Global gas demand is poised for the first annual drop since the 2022 energy crisis because of higher prices caused by the Iran war, according to the International Energy Agency.

Qatar said it doesn’t expect liquefied natural gas exports to be impacted by an explosion at the Ras Laffan industrial complex which left 13 dead and 66 injured.

European natural gas edged higher after talks between the US and Iran appeared to get off to a shaky start, with President Donald Trump issuing fresh threats even as discussions on a peace deal proceed.