Natural gas market: LNG trade disruptions and market rebalancing in Oil & Companies News 09/06/2026 The World Bank Group’s natural gas price index rose by 24 percent in March (m/m), as the closure of the Strait of Hormuz — through which roughly one-fifth of the world’s liquefied natural gas (LNG) normally transits—and lasting damage to Qatar’s LNG infrastructure jolted global markets. Among the index constituents, the Asian LNG benchmark spiked about 94 percent during March; Europe’s benchmark climbed about 59 percent as LNG competition from Asian buyers pulled the price higher. Both benchmarks eased in April, declining by 12 and 9 percent, respectively, and were stable in May. By contrast, the U.S. benchmark, insulated by abundant domestic production and robust inventories, fell 3 percent in March, a further 12 percent in April, before rebounding 9 percent in May. The sharp price rises after the war in the Middle East underscored the Strait of Hormuz’s central role in global natural gas markets. LNG exports from Qatar and the United Arab Emirates have no alternative shipping route, and liquefaction capacity elsewhere is already close to full use, making lost supply difficult to replace. Most of these cargoes normally go to Asia, with a small but still meaningful share going to Europe. As a result, prices rose most in Asia but also climbed in Europe, because both regions compete for a smaller pool of cargoes. Prices were already trending upward before the conflict, as a cold winter in Europe and the United States boosted heating demand and disrupted U.S. LNG export terminals. A slowdown in global demand is becoming entrenched, while record North American output acts as the market’s main shock absorber. Global gas consumption rose just 0.8 percent (35 bcm) in 2025 — roughly one-third of the previous year’s increase — amid weak demand in Asia Pacific, Eurasia, and North America. After war broke out in the Middle East, 2026 gas consumption is now expected to remain