By Andrew Mills and Guy Faulconbridge
DOHA/LONDON Oct 11 (Reuters) - Qatar, the world's largest
seller of liquefied natural gas (LNG), told consumers it was
powerless to cool energy prices prices as British steelmakers
said they could be forced to halt output in the face of soaring
costs.
The rebound in economic activity after the easing of
coronavirus lockdowns has laid bare a shortage of natural gas
stocks and other fuel supplies, causing blackouts in some
countries.
To keep factories open and homes heated, industry executives
and governments are having to pay more for energy and revert to
coal and oil, the most polluting fossil fuels.
As some generators switched to burning oil, crude futures on
jumped by more than $2 a barrel on Monday, with analysts
predicting that prices will stay high.
LNG prices, which sank to record lows at the height of
pandemic lockdowns, have surged this year to record highs, but
the country has no supplies available to take the heat out of
the market. https://www.reuters.com/world/middle-east/qatar-energy-minister-kaabi-unhappy-with-high-gas-prices-2021-10-11
"We are maxed out, as far as we have given all our customers
their due quantities," said Qatar energy minister Saad al-Kaabi.
"I am unhappy about gas prices being high."
Across the globe, the prices are pressuring governments and
industry.
Steelmakers in Britain https://www.reuters.com/business/uk-steel-makers-warn-crisis-due-power-prices-2021-10-11
said they may have to shut down production and would face dire
consequences unless the government helped.
The government on Sunday said it was working out how to
provide support for energy-intensive industries but declined to
say what action was being considered.
In China, the world's second-largest economy and top
exporter, the government has sought to boost coal supplies, but
the largest provincial economy in China's northeast rust belt https://www.reuters.com/business/energy/china-rust-belt-province-warns-more-power-shortages-energy-crisis-2021-10-11
on Monday said it was grappling with worsening power shortages.
The shortfalls sent Chinese energy and petrochemicals
futures to multi-year and record highs on Monday.
Demand from data processing added to the strain.
The Dutch Data https://www.reuters.com/world/europe/dutch-data-centres-feel-pinch-electricity-price-surge-2021-10-11
Center Association has asked political leaders to cap
electricity prices, provide corporate tax breaks or introduce
subsidies in support of businesses investing in cleaner energy.
(Reporting by Guy Faulconbrige and Nina Chestney in London,
Andrew Mills in Doha, Anthony Deutsch in Amsterdam and Emily
Chow in Shanghai
Writing by Barbara Lewis
Editing by David Goodman
)
