Following the agreement reached between the US and Iran regarding the opening of the Strait of Hormuz, Qatari companies have recalled gas tankers that departed from ports before the war and were unable to return due to the closure of the strait.
According to sea-news.az tankers carrying liquefied natural gas (LNG) from Qatar had been in a wait-and-see position at various ports and terminals, unable to return after delivering the exported gas to European gas storage facilities. Four gas tankers that had remained off the coast of Oman began sailing toward Qatar today.
The opening of the Strait of Hormuz will affect not only oil but also gas prices on the world market. For now, prices remain stable due to the summer season. Currently, the price of 1,000 cubic meters of gas is selling for $480 at the Netherlands’ TTF hub and $135 at the US “Henry Hub.” According to experts, a decrease in prices will be observed alongside the arrival of the first gas tanker in Europe following the stability established in the Gulf. It should be noted that the price of natural gas entering Europe via pipeline differs from the price of LNG, which is fundamentally due to transportation costs. Gas entering Europe from Russia via pipeline used to be cheaper. However, after the war in Ukraine, Europe refused to buy gas from Russia and began purchasing LNG from the US. US companies, in turn, raised prices due to the lack of alternatives in the market. Today, however, Qatar’s resumption of liquefied gas exports to the market gives reason to say there will be a change in prices. Nevertheless, the process of clearing mines from the Strait of Hormuz has just begun, which is not an issue that can be resolved quickly. It is anticipated that European gas storage facilities will be filled to 100 percent capacity throughout the summer season, preventing high price increases in the upcoming winter season. The opening of Hormuz allows the market’s demand and supply balance to equilibrate, which ensures that prices remain stable.
