Last month, QatarEnergy declared force majeure on long-term liquefied natural gas (LNG) contracts to buyers in Europe and Asia following severe damage to its Ras Laffan production facilities by Iran’s missile strikes. This disrupted ~20% of global LNG supply and triggered a sharp spike in natural gas prices. Thankfully, gas prices have pulled back to pre-war levels, with natural gas markets coping remarkably well with the loss, thanks to expected volumes to be delivered to the market outweighing current and expected reductions over the next…