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LONDON, June 3 (Reuters) – Liquefied natural gas (LNG) prices could rise further in significant volatility than experienced so far during the Iran war if supply disruptions coalesce with hot weather in Asia and European storage refill needs, Uniper’s chief executive for the Middle East, John Roper, said on Wednesday.
The current supply disruptions have hit Asian countries excluding China harder than Europe so far, and the consequences will be felt until at least 2030 as the closure of the Strait of Hormuz and damage to facilities took most of the LNG supply growth from 2025-2026 off the market, Roper said.
However, new projects due to come online in 2027-2028 will in the medium term provide a more balanced market despite the short-term problems gas markets are facing, Roper told the S&P Global Energy Middle East Petroleum and Gas Conference in London.
Asian LNG prices have rallied 75% from their pre-war level and are now at $18.20 per mmBtu, LSEG data show. Prices rose in March to their highest level since Dec 2022, hitting $25.30, after Iran hit Qatar LNG Ras Laffan facility.
But that is a long way from their record high of $70.50 per mmBtu in August 2022 after Russia’s full-scale invasion of Ukraine earlier that year.
Reporting by Robert Harvey and Marwa Rashad in London; Editing by Emelia Sithole-Matarise and Nick Zieminski
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