Hormuz Supply Crunch Could Push LNG Prices Up Another Third as Europe's Gas Storage Hits Two-Decade Low

According to an Oilprice.com report by journalist Tsvetana Paraskova published Thursday, September 17, 2026 (Shahrivar 26, 1405), analysts and energy industry executives say liquefied natural gas prices have room to rise by about a third from current very high levels, amid low European gas inventories and fierce competition for spot supply between Europe and Asia. Spot LNG prices in Northeast Asia jumped 2.70 dollars from last week to 28.40 dollars per million British thermal units this week, the report said, the highest level since the end of 2022. With LNG supply from Qatar and the United Arab Emirates still mostly trapped in the Persian Gulf, gas storage sites across Europe are now less than 70 percent full, compared with 82 percent at this time last year and a five year average above 80 percent. Cederic Cremers, president of integrated gas at Shell, the world's top LNG trader, said at the Gastech conference in Bangkok, as carried by Reuters, that Europe's storage level heading into the end of fall is historically low. Simon Flowers, chairman of energy consultancy Wood Mackenzie, warned that in a colder than usual winter, LNG prices could jump from near 30 dollars now to 40 dollars per million British thermal units, equivalent to about 240 dollars a barrel of Brent crude, which he said would bring demand destruction.