Exports of liquefied natural gas via the Strait of Hormuz reached their highest total since February in October, at 31 tankers compared with 27 in September, according to data from Kpler cited by Reuters. Most of the cargoes were loaded from Qatar’s Ras Laffan hub despite it still being under force majeure, and in two cases cargoes loaded at Ras Laffan were transferred to other tankers once the original vessels had cleared the strait.
The recovery is partial. Qatar’s total LNG exports were 2.7 million tons in October against close to 6.2 million tons in February, Kpler said. Iranian attacks took out 17 percent of Qatar’s export capacity and caused an estimated 20 billion dollars in lost annual revenue, QatarEnergy said in March. The UAE has by contrast restored exports to pre war levels, with loadings from Das Island at seven in October, unchanged from September.
In an unusual reversal, Qatar recently became the largest buyer of US liquefied gas, sealing two long term deals with Cheniere Energy to buy up to 4 million tons per year from Sabine Pass and Corpus Christi, with deliveries expected to begin in 2031 and run through 2054.
The flow data arrive against firming gas prices. US natural gas futures in the site tables stand at 3.25 dollars per mmBtu, up 12.16 percent on the week, and Rystad Energy warned earlier this week that the northern hemisphere winter will be extremely uncertain for energy security, with a high likelihood of much higher gas prices given tight supply.