LNG

The recovery lasted one month. June's rise in global exports gave way in July to a market shaped by what the Strait of Hormuz would not let through: Ras Laffan ran at 23 percent utilisation, Middle East output sat 65 percent below last year, and the United States carried the system by default – 32 percent of global exports and 58 percent of European imports – even as its own volumes slipped on the month. European gas storage closed July 12 points behind last year, and the EU enters the peak injection window as the residual buyer once more, our Markets Editor Dr Alexander Wilk writes. 

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