Europe "loses control" of gas - Cargoes "chasing" higher prices in Asia
Europe is being excluded from the global liquefied natural gas (LNG) market as Asian buyers outbid for limited cargoes, with data showing some tankers changing course mid-voyage and more than a dozen trans-Atlantic shipments being rerouted.
The race for liquefied gas intensifies as the Strait of Hormuz, a vital energy trade hub responsible for roughly 20% of global supply, remains hostage to Iranian authorities in retaliation for missile attacks by the United States and Israel nearly a month ago.
Supply disruptions have intensified after attacks on Qatar's Ras Laffan facility, the world's largest LNG producer, forced the Qatari energy producer to declare force majeure on contracts with Belgium, Italy and Poland.
While Europe accounts for a small portion of supply from the energy bottleneck and is largely struggling to cope with price increases and ease LNG supply in some countries, Asian countries get 80% of their energy supply from Hormuz, with Taiwan, a major chipmaker, reporting that it has gas supplies for another 11 days.
Since the outbreak of war in the Middle East on February 28, the number of diverted LNG tankers has continued to rise, with the latest Qatari cargoes expected to arrive in the United Kingdom and Italy by March 27, according to data from intelligence firm Kpler.
The escalation of the situation has pushed up global LNG prices, amid concerns about tighter supply moving across the Atlantic, which comes at a critical moment as Europe begins its gas storage replenishment season.
A study by environmental organization ECCO claims that Italy could replace Qatar's LNG with renewables and energy efficiency within a year. Installing 10 gigawatts of new renewable capacity per year would reduce gas consumption by 2.5 billion cubic meters, equivalent to 40% of Qatar's imports, ECCO argues.
Other measures include increasing energy efficiency in the residential, commercial, and industrial sectors, as well as electrification — still relying on Algerian gas to bridge the gap.
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