Qatar threatens to halt LNG supply to Europe

Last week, the average Dutch spot price was 60.6 €/MWh, more than 100 euros lower than the previous week’s average of 165.4 €/MWh. This significant drop was due to strong winds, which led to substantial wind generation. At times, wind speeds were so high that some (offshore) wind farms produced significantly less.
TTF gas prices increased slightly, with January and February contracts rising by 3 euros and closing just above 44 €/MWh. Last week, Russian president Putin announced that the gas supply contract, which runs until the end of the year, will not be extended. Gas is still flowing from Russia through Ukraine to European countries until the year’s end, supplying countries such as Slovakia, Hungary, and Austria. Ukrainian President Zelensky also confirmed that there would be no extension. Meanwhile, Slovakian Prime Minister Fico strongly criticized the decision, announcing on Sunday that he had spoken with Putin and that Russia is still willing to supply gas.
Additionally, Qatar has threatened to halt LNG deliveries to Europe in response to European legislation passed earlier this year. The legislation allows for fines of up to 5% of a company’s global annual revenue for violations in their supply chain, starting in 2028. Since the gas crisis, Europe has been purchasing much more LNG to compensate for reduced Russian gas supplies. Qatar’s energy minister stated that it is unacceptable for fines to be imposed on the total revenue of the state-owned company.
CO2 prices increased by nearly 2 euros last week, with the December 2025 contract closing at 68.2 €/EUA. The Dutch power contract for January rose by almost 9 euros, closing at 107.7 €/MWh.

For 2025, gas prices rose by 3 euros, closing at 43.4 €/MWh by the end of the week. Dutch power prices for next year increased by over 3 euros, reaching 89.7 €/MWh. The clean spark spread for next year dropped by 3 euros to -17.7 €/MWh.

Weekly changes