Asian spot LNG jumped to $30.4/MMBtu on Monday, the strongest level since
December 2022, traders said. The surge followed reports a tugboat near Khor
Fakkan, UAE, was struck by two objects and a UKMTO alert that a small fast boat
fired on an LNG carrier near Yemen last Saturday. Attacks on oil and gas
shipping in the Red Sea and Strait of Hormuz have increased. US–Iran tensions
have effectively trapped most of Qatar’s LNG output — previously about 20% of
global supply — inside the Strait of Hormuz, reducing contracted availability
and forcing buyers toward higher-priced spot cargoes. With northern-hemisphere
winter demand rising, spot prices are roughly three times levels before the
late-February escalation.
