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🇶🇦 Qatar’s LNG is coming back through Hormuz. 31 laden LNG tankers left the strait in October, the most since the war began: 🔹 23 from Ras Laffan in Qatar 🔹 8 from Das Island in the 🇦🇪 UAE 🔹 Up from 23 in September Ras Laffan loaded 35 cargoes, 2.7m tonnes, its best month since the war began. In February it shipped 6.2m tonnes. So far in November, Ras Laffan has averaged 13–15 departures per 10 days, about half its pre war pace. The UAE is back to pre war transit levels. Qatar is at more than 30% of its pre-war Hormuz transits. Some cargoes are taking the long way. 2 were moved ship to ship off Sohar, 🇴🇲 Oman and then went on to 🇰🇷 South Korea and 🇵🇰 Pakistan. Good news for LNG shipowners? Partly. Qatar to Asia is a long voyage and every extra cargo keeps a ship busy for weeks. But the fleet is growing fast. About 55 new carriers were delivered in January–July, with 40–45 more due by year-end. In early October, spot rates were 83–91% below their March peaks. More Qatari cargoes flows help but still lower for the moment... be prepared. image source: bloomberg/ @SStapczynski

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Yesterday on

🇩🇪 Germany’s state owned gas giant just doubled its profit. Uniper’s adjusted net income for January to September was €579m, up from €268m, a 116% rise. 🔹 Adjusted EBITDA: €1.02bn, up 60% 🔹 Gas and LNG: €494m, against a €196m loss a year earlier 🔹 2026 outlook raised to €550–650m of adjusted net income 🔹 Net cash: €4.08bn And a new dividend policy, growing 7% a year. The proposal for 2026 is €321m, or €0.77 a share. Berlin owns 99.12% of Uniper, so about €318m of that goes back to the German state. Its storage is ready for winter: Uniper’s sites are about 81% full, against a national average of around 60%. Not everything improved. Swedish nuclear outages and weak hydropower cut green generation by 35%, and IFRS accounting still shows a €502m loss. The bailout of 2022 is turning into a cash machine. The question now is who buys it.

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🇺🇸 US natural gas jumped 5.4% today, to $3.16, a 3-week high. Hedge funds were caught on the wrong side. 🔹 Shorts: 636,576 positions, a record for the 3rd week running and the highest since 2013 🔹 LNG: a record 20.4 bcf/d flowed into export plants on Monday, with almost every plant at or near full capacity 🔹 Weather: forecasters see colder air later this month, with demand rising to 120 bcf/d next week Funds bet on a warm winter. Then the cold showed up in the forecasts, and they all had to buy back at once. Where the LNG gas went on Monday: Sabine Pass: 5.0 bcf/d Plaquemines: 4.2 Freeport: 2.1 Golden Pass: 0.8 That demand doesn’t depend on the weather. It runs every day the plants are open.

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3d ago on

🇷🇺 Russian gas flows to 🇹🇷 Turkey just jumped almost 4 times. In the first 5 days of November, Gazprom says deliveries to Turkish customers were almost 4 times what they were over the same days in October and September. October was already up 78% on September. Gazprom links it to Europe. It says Europe pulled record volumes of gas out of storage on 28 and 29 October, and again on 1, 2 and 4 November. Winter came early for European storage. Turkey is stocking up on Russian pipeline gas before LNG cargoes get bid away by Europe and Asia. Gazprom is happy to sell every molecule it can. And Turkey wants to be the gas hub between Russia, the Caspian and Europe. Every cold week in Europe makes that hub more useful.

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5d ago on

🇺🇸 Almost half of all the energy America produces is natural gas. 47.6% of US energy production in the 1st half of 2026 was gas, EIA data show. 🔹 Natural gas: 47.6% 🔹 Crude oil: 26.1% 🔹 Coal: 9.8% 🔹 Nuclear: 7.5% 🔹 Biomass: 4.8% 🔹 Wind, solar and hydro together: 4.1% Gas and oil together make up almost 3 quarters of the total. The biggest gas region isn’t Texas. It’s Appalachia: Pennsylvania, West Virginia and Ohio. That gas runs power plants, heats homes and feeds industry. Now it’s also being shipped as LNG to Europe and Asia, and burned in new plants built for AI data centres. Every one of those uses needs a pipe to get the gas there.