Stranded Middle East LNG Supply Upends Gas Markets

The LNG supply out of the Middle East has not recovered in any meaningful way seven and a half months after the Iran war choked oil and gas shipments through the Strait of Hormuz.

Since March, some occasional LNG cargoes have managed to squeeze through the chokepoint where a fifth of global liquefied Natural Gas supplies passed before the war.

The rare shipments are not making much of a difference in the global gas market, which suddenly found itself without a fifth of daily LNG supplies and whose second-largest producer, Qatar, is now barely moving… Home Oil Prices Oil Futures Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Geopolitics Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Company News Breaking News Premium Articles My Account Get Exclusive Intel All Prices OPEC Blends Canadian Blends U.S.

Blends WTI Crude • 11 mins 95.21 +1.07 +1.14% Brent Crude • 11 mins 106.9 +1.25 +1.18% Murban Crude • 16 mins 110.6 -1.67 -1.49% Natural Gas • 12 mins 3.328 +0.045 +1.37% Heating Oil • 14 mins 4.967 +0.033 +0.66% Gasoline • 12 mins 3.262 +0.011 +0.35% Click Here for 150+ Global Oil Prices Gasoline • 12 mins 3.262 +0.011 +0.35% Heating Oil • 14 mins 4.967 +0.033 +0.66% WTI Midland • 4 hours 94.82 +0.15 +0.16% Opec Basket • 6 days 114.0 +4.53 +4.14% Indian Basket • 7 days 121.1 +3.47 +2.95% Click Here for 150+ Global Oil Prices What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… The LNG supply out of the Middle East has not recovered in any meaningful way seven and a half months after the Iran war choked oil and gas shipments through the Strait of Hormuz.

Since March, some occasional LNG cargoes have managed to squeeze through the chokepoint where a fifth of global liquefied Natural Gas supplies passed before the war.

The rare shipments are not making much of a difference in the global gas market, which suddenly found itself without a fifth of daily LNG supplies and whose second-largest producer, Qatar, is now barely moving carriers through the Strait of Hormuz.

Asia’s spot LNG prices and Europe’s benchmark Natural Gas prices soared to 2023 highs.

Price-sensitive buyers in Asia felt the supply squeeze, while concerns in Europe are growing ahead of the winter as gas volumes in storage sites are at their lowest level for this time of year since at least 2011.