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Global natural gas prices are rising due to the ongoing war between the United States and Iran and instability in the Strait of Hormuz, with European gas prices reaching their highest levels since late 2022. UK contracts have increased to around $2.73 per therm. Gas storage levels in Europe are around 68%, which is below seasonal averages, raising the risk of supply shortages before winter. The crisis has also significantly driven up the costs of purchasing liquefied natural gas (LNG) in Asia, with countries like India, Pakistan, and Thailand spending approximately $7.4 billion since the start of the war on spot markets, compared to lower costs through long-term contracts. This reflects a growing trend toward diversifying supply sources. The crisis prompts questions about the future role of LNG as a key part of the energy mix, as some countries move to increase reliance on renewable sources or coal amidst the continued rise in prices.
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