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Southeast Asian countries with historically low gas storage levels have resorted to panic buying of spot LNG cargoes. Analysts warn a “vicious feedback loop” could weaken domestic purchasing power and further exacerbate energy price inflation.
QatarEnergies is working towards restarting some LNG trains at Ras Laffan, as shipping disruptions are anticipated to ease by the end of April. If the Strait of Hormuz remains closed until July or beyond, however, analysts reckon prices at the Dutch TTF gas trading hub would need to rise to well above 2022-levels for Europe be able to refill storages.
Strait of Hormuz- What next? Following the collapse of last weekend’s Islamabad peace talks, President Trump has threatened to blockade the Strait of Hormuz.
UK energy major, Shell is now India’s largest LNG supplier after Qatari supplies stopped, due to the West Asian conflict.
The second largest US LNG exporter, Venture Global’s subsidiary, Calcasieu Pass Funding, which indirectly controls the Calcasieu Pass project, has signed a $1.75 bill senior secured, term loan B credit facility.
Greek based, Atlantic SEE LNG Trade, a joint venture between AKTOR (60%) and DEPA Commercial (40%), aims to finalise LNG supply agreements this summer, paving the way for a new FSRU.
Bulgarian state owned energy company, Bulgartransgaz is to tender for LNG supplies.
The 30-day moving average of LNG shipments to Asia has fallen below 600,000 metric tons over the weekend – the weakest pace of arrivals in nearly six years, Bloomberg ship-tracking data shows. The decline reflects constrained vessel movements through the Strait of Hormuz and higher freight costs.
Canada must mobilise $500 billion in energy infrastructure by 2030 to capture a “generational, time-bound opportunity” in global LNG exports – or lose out to rival US developers, said TC Energy CEO François Poirier.
Shale gas production in the US is projected to surge by up to 40% as American supply fills the gap caused by force majeure on Qatari LNG shipments. Analysts expect US LNG to double, exceeding 30 billion cubic feet per day (bcf/d) by 2050.
