LNG supply still down 9% as Hormuz risk linger
04 September 2026
The Middle East conflict is still the defining force in global gas markets. Attacks on LNG carriers, liquefaction facilities and now an import terminal in Egypt have kept Qatari and UAE volumes constrained even as loadings pick up, leaving global LNG supply 9% below last year despite a modest month-on-month recovery.
Asia is absorbing the slack with a heat-driven rebound in imports, Europe is heading into autumn with storage well behind schedule, and in the US a loose domestic balance has pulled Henry Hub under $3 per MMBtu. Rystad's base case still points to an uneven reopening of the Strait of Hormuz by the fourth quarter.
−9% Global LNG output still trails July 2025, despite a 3% monthly rebound.
54.9% European storage ended July well behind last year's pace, with October targets at risk
+6.3% Asian imports rebounded on heat-driven demand, ending five months of decline
<$3 Henry Hub slipped under $3/MMBtu on strong supply and soft feedgas demand
