Deep Dives
Asia’s LNG demand: reality check
Shell’s 2026 Outlook leans harder than ever on stratospheric Asian demand to justify a new wave of LNG investment. But post-Hormuz, the data and policy responses all lean the other way.
Seb Kennedy
Founding Editor, Energy Flux | Energy journalist | Gas & LNG market analyst
Chart Deck
The Hormuz Half-Life
Iran holds the valve, but it is worth less every time it turns... so Tehran is reaching for the gun.
Chart Deck
Priced for peace?
Markets have priced the US–Iran ceasefire as a fully-fledged peace deal. The 60-day clock, and our models, suggest otherwise.
Strait of Hormuz
INTERVIEW: The Iran deal is an unmitigated disaster for the US
“This is a historic capitulation that will define the structure of global power for the next hundred years.”
Hot takes
Gas industry goes to war over EU storage rules
Eurogas wants EU-wide storage targets to expire in 2027. GIE wants them to continue. Gasunie wants a strategic reserve. Brussels warns that botched intervention is a cure worse than the disease. They cannot all be right.
Hot takes
The Fog of Peace
The US says the war is over and Hormuz is open. Energy markets are desperate to agree. Here’s what we know, what we don’t, and why the next two months will be more dangerous than headlines suggest.
Chart Deck
The market that cried peace
Credulous energy markets have stopped pricing Iran, and started pricing Trump’s presidential word salads instead. This cannot end well.
Chart Deck
The ceiling softens
The hard risk budget cap keeping TTF below €50 has lifted. What remains is softer, stranger and harder to trade: a market with room to rally, but no-one willing to push through.
Breaking news
EU review flags algo-trading risks
But intervention is unnecessary, says Commission’s Gas Market Task Force
Deep Dives
Quantum transits
The EU gas market is pricing two mutually exclusive Hormuz states at once. Energy Flux’s new model quantifies the disconnect between price-implied LNG flows and physical reality in the contested Strait. Either missing cargoes return, or TTF moves higher.
Chart Deck
Spreads blow out
Atlantic LNG is heading east. EU storage refill is falling behind. And TTF keeps stalling below €50/MWh. This week’s Chart Deck explains why this apparent equilibrium is as soft as melting butter.
The Energy Flux Podcast
Countdown to the Commodities Crunch
🎧 The looming macroeconomic shock, ballooning winter risk for EU gas markets, demand destruction & post-Hormuz narrative whipsaw