Qatari LNG Tanker Passes Through Hormuz, Boosting Gas Prices
European gas prices fell by over 1% on Thursday as the first Qatari liquefied natural gas (LNG) tanker in more than three weeks passed through the Strait of Hormuz, signaling a possible restart of exports disrupted by the conflict between Iran and the U.S.
The LNG carrier Al Areesh entered the Gulf of Oman after transiting the Strait on Thursday morning. It is heading to Pakistan, according to shipping data from MarineTraffic.
The August gas contract dropped below €60 ($68.7), trading at €59.8 per megawatt-hour as of 6:00 a.m. GMT.
QatarEnergy's LNG flows show signs of recovery with the transit suggesting the state-owned producer is gradually restoring exports through the Strait of Hormuz after suspending voyages when the Al Rekayyat gas carrier was struck on July 7, Bloomberg reported.