Global energy markets are facing severe disruption as competition intensifies between European and Asian buyers for limited spot LNG cargoes. The supply crunch follows a complete halt in Qatari LNG exports, significantly tightening availability in an already sensitive market. Adding to the volatility, the closure of the Strait of Hormuz has blocked approximately 20% of global LNG flows, creating a massive logistical bottleneck. Reports indicate that major importers across South and Southeast Asia have already failed to secure spot deliveries for March 2026 due to the scarcity. This unprecedented supply-demand imbalance is expected to drive prices for JKM and TTF benchmarks to new highs as energy security concerns mount globally.
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