Deep dive
Strike on Iran’s giant South Pars gas field goes beyond military escalation. This is a structural supply shock with cascading consequences for oil, condensate, LNG and power that energy markets have barely begun to price.
Hot take
How Europe’s response to the Hormuz crisis is blunting the very tools it needs to escape import dependency
Podcast
🎧 Why markets anticipate a long Hormuz closure
As the world fixates on oil, Venezuela burns $1.4bn of gas — while sitting on an untouched methane empire that could redraw regional power
REVEALED: How hedge funds secretly split Europe’s TTF gas market in two
HOT TAKE: Dealmaking frenzy and reality denial reign supreme in Milan
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Gas and LNG prices surge, as the storage-speculation nexus lights up along the forward curve
Iran, the Gulf, and the crisis of regional order
Hormuz closure and Qatar LNG shut-in trigger extreme volatility in gas, LNG and freight charter rates. The outlook is dire, especially for Europe, but not unremittingly so.
As Middle East regional war upends global gas markets, US LNG exporters and traders stand to pocket a multi-billion-dollar windfall
Trump’s war of choice is a bonanza for US LNG exporters, and a catastrophe for everyone else
Our revamped Chart Deck reveals hedge funds are again positioned to capitalise on Europe’s daunting gas storage refilling challenge
Without a deep winter buffer, the European gas market is vulnerable to exaggerated price moves
How much natural gas will America’s AI boom really need? Our new Constraint Model puts numbers to the narratives
Too much LNG, not enough comfort
Who pays when risk management itself becomes riskier and more expensive?
Gunboat diplomacy, commodity shocks, and the price of escalation
Natural gas markets implode in frenzy of automated selling and cascading long-stop orders
