Commodities
LNG Prices Set to Soar Amid Strait of Hormuz Blockage
JERA's CEO Yukio Kani warns that LNG prices will continue to rise due to supply disruptions. The Strait of Hormuz remains blocked, affecting Qatar's LNG deliveries to Asia and Europe.
The force majeure on LNG deliveries has been extended by another month until the end of November. Asian spot LNG prices have reached their highest levels since the 2022-2023 crisis, while Europe's benchmark natural gas prices are also at a record high.
JERA's CEO predicts that historically low gas storage levels in Europe and the EU ban on Russia's LNG imports will contribute to further price spikes. Some major economies, including Germany, have lower-than-average gas stored for this time of year.