LNG

The first monthly rise in global exports since January came almost entirely from Qatar, as a partial reopening of the Strait of Hormuz let Ras Laffan begin loading again. It is a beginning, not a recovery: the basin still sits 71 percent below where it was a year ago, and the volume that filled Europe's refill in June was American, not Qatari. Storage closed the month 10 points behind last year, and the continent enters the peak injection window as the residual buyer once more, our Markets Editor Dr Alexander Wilk writes. 

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