Against the backdrop of the closure of the Strait of Hormuz, global prices for liquefied natural gas (LNG) continue to increase.
Since February 28, the closure of the Strait of Hormuz has caused natural gas prices in Europe and Asia to move in a different direction from the U.S. market.
In Europe, LNG futures prices rose to $14.80 per million British thermal units (MMBtu) by the end of last week. This is 35 percent higher compared to the level before the strait’s closure. During the same period, prices in East Asia increased by 51 percent.
In the United States, however, the opposite trend has been observed. Prices have fallen by 9 percent since February 28, reaching their lowest level since October 2024.
In March, the United States exported approximately 17.9 billion cubic feet of LNG per day, marking the second-highest monthly figure on record after the daily record of 18.4 billion cubic feet set in December 2025. During that month, U.S. terminal capacity utilization reached 94 percent of export levels.
According to data from the vessel tracking service Kpler, no LNG tanker passed through the Strait of Hormuz between March 1 and April 24.
The closure of the strait has reduced volumes by more than 10 billion cubic feet of LNG per day, affecting approximately 20 percent of global supply. This is mainly linked to a decline in exports from Qatar.
Asian buyers, which import more than 80 percent of Qatar’s gas, have turned to global markets to replace lost contracted volumes.
According to Gas Infrastructure Europe, the fill level of natural gas storage facilities in Europe stood at 28 percent at the end of the winter season, which is below the five-year average of 41 percent. Additional volumes will be needed to refill storage facilities before the next winter season.
It is also reported that gas storage levels in Asia are currently even lower than those in Europe.
