International Supply Outlook

The reopening of the Strait of Hormuz allows for the resumption of full-scale LNG exports from Qatar. This is a major relief for global markets that had been over-reliant on US and Australian supplies during the blockade.

Shoulder Season Fundamentals

Moderate spring temperatures across the US are keeping residential demand low. Combined with high production levels in the Permian basin, the fundamental outlook for natural gas remains comfortably bearish.