LNG Market Shrinks in Q2 2026

The global liquefied natural gas (LNG) market contracted during the second quarter of 2026, due to escalating tensions in the Gulf and disturbances in the Strait of Hormuz, resulting in a decline of approximately 6 billion cubic meters (4.6% year-over-year). Qatar's imports alone fell by about 23 billion cubic meters compared to the previous year, despite an increase of 17 billion cubic meters in other regions. Meanwhile, restrictions on Gulf exports continued to keep the market in a state of relative deficit and contributed to higher prices. On the other hand, North America increased its exports by 33%, driven by new projects, although this rise was not enough to fully offset the losses experienced in the Gulf region. Asian markets maintained high demand, led by India and Thailand, while European imports dropped by more than 10%, amid concerns over insufficient storage filling ahead of winter. Egypt saw the largest rise in imports, at 166%, due to its increasing reliance on LNG to meet domestic demand. Market shortages are expected to persist into the second half of 2026, as tensions continue and Asian demand remains robust, keeping prices high and intensifying competition for spot shipments.

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