LNG Market Evolution Quarterly, Q1’26

The conflict in the Middle East has upended the short-term outlook for both spot and term LNG prices. The duration of LNG disruption from Qatar (and the United Arab Emirates) will be key to the magnitude of market upheaval, with other elements set to support volatility even after resolution. Long-term LNG market implications were evident after the last market crisis in 2022 and may now become more urgent. In the US, December and January gas market chaos revived questions about medium-term equilibrium and LNG vulnerability given potential for a growing supply-demand imbalance. Our latest LNG Market Evolution Quarterly examines these various market dynamics as well as provides our latest price forecast.