Global gas market recovers from Hormuz shock

The liquefied natural gas (LNG) market is experiencing significant shifts due to declining supplies from the Middle East and increasing uncertainty surrounding the reopening of the Strait of Hormuz, leading to rising prices in Asia and Europe. After the shock caused by the Strait of Hormuz in the first quarter, the market faced broader supply pressures, with European gas prices exceeding $23 per million British thermal units by the end of August, narrowing the gap between the European and Atlantic markets. Gulf exports of LNG decreased to 1.5 million tons in August, while US and other countries' exports increased. Meanwhile, Europe's imports rose by 22% due to weakened Asian demand and rising prices. The market is expected to stabilize by 2027, with demand and supply reaching approximately 467 million tons annually, before gradually shifting toward a surplus after 2029, amid ongoing tensions surrounding the Strait of Hormuz and the impact of maintenance on supplies.

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