Summer Heatwaves May Deepen the Global LNG Crunch

The global gas market, which has been reeling from the sudden loss of 20% of daily LNG supply, is poised to tighten even further in the coming months as higher-than-expected summer temperatures and the El Niño weather pattern are expected to raise gas demand in Asia. Asian and European gas prices could rally even higher if the Strait of Hormuz remains inaccessible to most LNG tankers this summer, while Asia struggles to meet cooling demand and Europe looks to refill gas storage sites that have depleted to multi-year lows at the end…