While Hormuz remained essentially closed through May, new LNG supply offset 90% of the decline in Qatari and Emirati LNG.
LNG supply from the Gulf declined by near 9 bcm in May, equating to around 45% of the EU’s natural gas demand that month, and this unprecedented supply disruption is profoundly altering short-term market dynamics.
New LNG supply from other producers is providing some buffer.
Non-Gulf LNG supply increased by a staggering 20% YoY in May, adding almost 8 bcm of new LNG supply to the market and offsetting around 90% of the Hormuz losses.
This strong growth was largely supported by new LNG capacity additions in the United States and Canada, as well as improving feedgas availability at certain legacy producers.
This also shows the strength of the unfolding LNG wave, which will take full effect once Hormuz reopens.
What is your view? How will the global gas market evolve this summer?
Could we see more tightening once we enter the cooling season and the storage injection campaign intensifies?
Source: Greg Molnár (LinkedIn, June 2026)
