Reported Hormuz closure forces Qatar LNG cuts, 39m tons shortfall
Big changes are hitting the global LNG scene after Qatar had to slash its exports.
Things got worse when Iran reportedly closed the Strait of Hormuz back in March, forcing Qatar to declare force majeure and say it could not fulfill its contracts, resulting in 536 fewer cargoes than in the same period last year.
This has led to a shortfall of 39m tons, equal to 9% of last year's global supply, and pushed Asian prices up by 140% compared to before the war.
Europe gas storage at 72% full
Europe is feeling the squeeze too, with gas storage just 72% full, which is lower than usual for this time of year.
With colder months coming and heating needs rising, experts are rethinking earlier forecasts that predicted plenty of supply by 2026.
New projects are being planned, but for now, uncertainty remains high as Qatar's plants stay offline.