Podcast
The Pain Factor
🎧 Why markets anticipate a long Hormuz closure
LNG
Deep dive
Strategic shock in the Middle East
Iran, the Gulf, and the crisis of regional order
Chart Deck
War in Iran convulses energy markets
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.
Deep dive
War profits, quantified
As Middle East regional war upends global gas markets, US LNG exporters and traders stand to pocket a multi-billion-dollar windfall
Hot take
Iran: US Energy Dominance laid bare
Trump’s war of choice is a bonanza for US LNG exporters, and a catastrophe for everyone else
Chart Deck
Dwindling EU gas stocks amplify Hormuz risk premium
Without a deep winter buffer, the European gas market is vulnerable to exaggerated price moves
Deep dive
Hormuz on the brink?
Gunboat diplomacy, commodity shocks, and the price of escalation
Chart Deck
Volatility is exploding. Fundamentals are not
Self-reinforcing volatility loop sustains sudden winter gas price rally, but for how long?
Deep dive
The great Transatlantic gas crunch
Negative US LNG profits & record-low Henry Hub-TTF correlation signal extreme market dislocation — and looming rebalancing
Chart Deck
Chart Deck — 21 Nov 2025
New downloadable slide deck in PDF and PPSX formats, for convenient offline viewing
Hot take
See no evil, hear no evil
From moral high ground to marked silence: the new US stance on Ukrainian corruption
Deep dive
‘Let’s get physical!’: Abaxx takes on JKM
Abaxx Exchange is betting that physical settlement can dethrone JKM as the global LNG price benchmark. The market isn’t so sure.