European and Asian heatwaves boost electricity demand, while Qatar LNG delays tighten supply, lifting gas prices.
Natural gas prices are gaining support from stronger heatwaves in Europe and Asia, increasing electricity demand and gas-fired power usage. This surge complicates European storage refilling efforts amid persistent supply constraints linked to the Iran conflict.
Analysts note that El Niño could extend elevated demand in Asia, further straining global LNG supply. Meanwhile, an explosion at Qatar’s LNG complex may delay its planned ramp-up to 80% of pre-war export levels, prolonging market tightness.
The combination of higher demand and supply risks is expected to sustain upward pressure on gas prices through the summer.