LNG Shipments Through Hormuz Hit Highest Level Since Iran War Began

A total of 21 LNG cargoes are estimated to have exited the Strait of Hormuz in September, the highest monthly number since the Iran war began, yet well below pre-war levels, shipping data compiled by Reuters showed on Friday. Shipment analytics firm Kpler has estimated that 21 cargoes managed to squeeze last month through the chokepoint, which handled one fifth of global LNG supply before the war. This week, three Qatari LNG cargoes from Ras Laffan reappeared outside the Strait of Hormuz, according to vessel-tracking data by LSEG and Kpler. In…

LNG Market Background

The global LNG market has undergone a structural transformation in recent years, with U.S. exports reshaping trade flows and providing consuming nations with greater supply optionality. European buyers have accelerated long-term LNG contracting following the disruption of Russian pipeline gas supplies.

New LNG liquefaction capacity — from the U.S. Gulf Coast, Qatar's North Field expansion, and Australian projects — is expected to add significant supply volumes through the late 2020s, with implications for long-term contract pricing and spot market dynamics.

What to Watch

Stakeholders will be tracking spot LNG cargo pricing in Asian and European markets, liquefaction plant utilization rates, and upcoming long-term supply contract negotiations as global LNG trade flows continue to evolve.