LNG Shipments Resume Through the Strait of Hormuz as Producers Seek to Protect Transit

At least two liquefied natural gas cargoes crossed the Strait of Hormuz this week. According to Sina Finance, producers are seeking ways to increase gas shipments as market supply remains tight and prices have surged. Ship-tracking data showed one vessel loaded at Qatar's Ras Laffan export terminal in late August appeared in the Gulf of Oman earlier this week, indicating it had passed through the disputed waterway. Delayed imagery from the Copernicus Sentinel-2 satellite also showed two other LNG ships conducting ship-to-ship transfers off the coast of Oman this week. The limited resumption of traffic suggests Gulf LNG producers are trying to boost exports through the Strait of Hormuz to ease supply pressure on buyers in Asia and Europe. Since an Iranian attack on a Qatari tanker in early July, Gulf LNG exports have nearly stalled, pushing spot prices to their highest level in more than three years.