Events in the Middle East have led to disruptions in the international gas market. The International Energy Agency (IEA) has published its quarterly report, providing an overview of developments during the 2025/2026 heating season, along with an analysis of the consequences for storage, transport, and prices.
The crisis has caused deep disruptions to short-term market fundamentals, but it also impacts the medium-term outlook for natural gas. So far, nearly 20 percent of global liquefied natural gas (LNG) supply has been lost, leading to severe price volatility.
Moreover, as highlighted in the report, prices in Asia and Europe have reached their highest levels since the energy crisis of 2022 and 2023.
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Regarding the medium-term outlook, it will be affected by damage to LNG liquefaction plants. The IEA notes that the sharp drop in supply has also led to the rerouting of LNG deliveries toward markets willing to pay higher prices, primarily in Asia.
The IEA warns that the consequences of the crisis could delay the expected LNG wave by at least two years, with a significant loss of planned capacity through 2030. The duration of the Strait of Hormuz blockade will remain a key uncertainty for the global gas market in 2026, as each month of LNG transit disruption means a loss of about 10 billion cubic meters of supply.
Energy Portal
