LNG Shipments Through Strait of Hormuz Grind to a Halt as Conflict Escalates
Tankers Fear Hormuz Transit as Iran Stops Vessels What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Exports of liquefied natural gas via the Strait of Hormuz appear to have ground to a halt over the past three days, data from tanker-tracking firms have suggested, while oil tanker traffic has shrunk considerably, Reutersreportedtoday.
ING analysts, meanwhile,wrotein a note today that the latest hostilities would have a more serious impact on gas markets than oil markets, based on the previous rate of export recovery in the Gulf following the June ceasefire deal between the United States and Iran.
“The post?MoU rebound in vessel traffic made one thing clear: LNG flows lagged the recovery,” Warren Patterson and Ewa Manthey wrote.
“If this latest flare?up follows the same pattern, any eventual resolution could again bring a slow LNG ramp?up — leaving the market exposed as we edge closer to the heating season” the analysts added, pointing to Europe as the most vulnerable.
Last week, Anadolu Ajansireportedthat Asian prices for liquefied natural gas had surged to March heights on the latest tanker traffic disruption in the Persian Gulf, with the regional benchmark adding 25% over the last four weeks.
On an annual basis, the Japan-Korea Marker price has surged by over 60%, the report noted.
In the week to July 16 alone, LNG prices in Asiagained10%.
On July 16 itself, spot LNG prices in Asia hit $20.2 per million British thermal units, traders told Bloomberg.
The price surge reflected the latest military developments in the region, even though Qatar has been ramping up production of the superchilled fuel in anticipation of a permanent resolution of the conflict—which appears to have been premature.
Reuters today cited LSEG data as showing at least four tankers had entered the Strait of Hormuz since Friday to load in the Gulf.
Three were probably oil product carriers, and one was a Very Large Crude Carrier, the data suggested.
Gulf Oil Exports Briefly Recovered to Pre-War Levels Before Latest Escalation China’s Fuel Oil Exports Hit 2026 High as Shipping Demand Rebounds What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… ING: Oil Prices Have Overshot To The Downside Russia’s Oil Windfall Vanishes as Urals Crashes to $42 a Barrel Iran Tightens Grip on Strait of Hormuz Tanker Traffic Saudi Arabia Set to Slash Oil Prices as Hormuz Reopens Iran Sneaks 12 Million Barrels Past Renewed U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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