European natural gas prices surged more than 40% in September, with the Dutch TTF front-month contract reaching €79.64 per megawatt-hour, the highest levels since early 2023. TTF futures fell about 2.5% on Friday as traders took profits but still gained 12.1% for the week, extending their rally to five consecutive weeks; Britain’s comparable contract rose 12.6%. Qatar’s Ras Laffan LNG complex sustained damage in Iranian missile attacks in March, removing about 17% of export capacity, while QatarEnergy has kept force majeure declarations on some deliveries through early November. The Strait of Hormuz, which carries about 20% of global LNG shipments, is facing severe shipping constraints, including a reported incident involving two vessels under U.S. escort. European storage was about 67% full, below typical seasonal levels and the 84% five-year average cited in the existing record. The European Central Bank raised its deposit facility rate by 25 basis points to 2.50%, citing cost-driven inflation linked to higher energy prices. Existing market coverage also identified LNG exporters and gas producers, including Venture Global, Cheniere Energy, NextDecade, Equinor, Shell, EQT, Range Resources, Antero Resources, Comstock Resources and Expand Energy, as companies under investor scrutiny.