Qatar’s LNG output recovery points to easing natural gas prices as Hormuz Strait reopens
Executive summary: Qatar announced it is restoring LNG output and said the Strait of Hormuz is open, leading the Gas Exporting Countries Forum to expect natural gas markets to rebalance in Q3. A return to balanced supply could lower natural gas prices, reducing energy costs for utilities, industry and households. QatarEnergy, the Gas Exporting Countries Forum, global LNG buyers and traders, and regional shipping routes through the Strait of Hormuz. Market focus will shift to actual LNG export volumes from Qatar, any further Strait disruptions, and price reactions in European and Asian gas hubs.
The head of the Gas Exporting Countries Forum said that with the Strait of Hormuz now open and Qatar restoring LNG exports, natural gas markets are expected to rebalance in the third quarter, putting downward pressure on prices. This suggests that the supply constraints that have supported gas prices are easing. Lower gas prices would relieve cost pressures on utilities, industry and households that rely on gas for power and heat.
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