LNG carrier in the Suez Canal
East Asian LNG demand may not threaten Europe
Risks persist, particularly those related to weather, which could tighten gas availability for Europe
Europe’s gas market is no longer an island. The bloc pivoted rapidly towards LNG and away from Russian pipeline supplies following the invasion of Ukraine last year. This has put European gas buyers in direct competition for cargoes with the established LNG markets of East Asia. China and Japan have jockeyed for position as the world’s largest LNG consumer in recent years, with South Korea taking third place. Altogether, that means the Northeast Asia region is vital to global LNG demand and flows. And so, in this increasingly global context, East Asian demand will prove a critical factor in how much LNG is available to supply Europe this winter. “One of the biggest questions the market is fa
Also in this section
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
3 March 2026
The killing of Iran’s Supreme Leader Ayatollah Khamenei in US–Israeli strikes marks the most serious escalation in the region in decades and a bigger potential threat to the oil market than the start of the Russia-Ukraine crisis
2 March 2026
A potential blockade of the Strait of Hormuz following the escalating US-Iran conflict risks disrupting Qatari LNG exports that underpin global gas markets, exposing Asia and other markets to sharp price spikes, cargo shortages and renewed reliance on dirtier fuels
