Global gas markets are bracing for a massive supply crunch after escalating Middle Eastern conflict forced QatarEnergy to cease operations at its Ras Laffan and Mesaieed facilities.
As the world's second-largest LNG exporter, Qatar's shutdown—combined with a near-standstill of maritime traffic through the Strait of Hormuz—threatens to remove approximately 83 million tonnes of annual supply.
Analysts at Bernstein Research liken the scale of this disruption to the 2022 loss of Russian gas, warning that prolonged closure could send spot prices soaring toward US$40 per million British thermal units.
While Australian exporters like Woodside Energy (ASX:WDS) and Santos (ASX:STO) saw share prices jump over 6%, their ability to fill the immediate void is hamstrung.