LNG

Energy Aspects has pushed back its Qatari LNG ramp-up forecast by a further two weeks, now expecting a partial recovery from mid-August. Q3-26 loadings are seen at 5.4 million tons, down from 6.1 Mt previously, as markets price in elevated risk from prolonged Hormuz disruptions, though TTF is still unlikely to exceed €70/MWh over the balance of summer.

Global LNG demand could reach nearly 700 million tonnes a year by 2050, a 65% increase from 2025-levels, Shell forecasts, assuming shipping through the Strait of Hormuz returns to normal this summer, before growth resumes in 2027.