As Europe and much of Asia suffer through record heat waves, fears are already shifting to the upcoming winter, with shortfalls of natural gas and electricity price spikes anticipated as a result of the war in Iran and Middle East supply outages.
The war broke out at the end of February—fortuitously avoiding disrupting the previous winter—but Qatari liquefied natural gas (LNG) outages coupled with higher-than-usual summer demand have kept import-dependent nations from adequately replenishing their natural gas storage ahead of the looming winter months. Prices already are surging and the competition for cargoes is escalating.
