Insight
Middle East conflict: implications on the global LNG market
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Report summary
All energy traffic via the Strait of Hormuz has stopped. Following drone attacks on Ras Laffan and Mesaieed industrial complexes, QatarEnergy ceased LNG production. The Strait of Hormuz carried 19% of global LNG exports last year, and the conflict is already disrupting global energy markets. Gas markets reacted even more sharply. TTF intraday prices soared above oil parity. With most Qatari and UAE production contracted to Asia, Asian LNG prices for delivery next month have climbed and are expected to trade at a premium to Atlantic prices as buyers seek alternatives. The spike reflects tight market conditions and the lack of alternatives in the market. In this Insight we analyze the global market impact of these unprecedented developments.
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