LONDON, June 3 (Reuters) - Liquefied natural gas (LNG)
prices could rise further in significant volatility than
experienced so far during the Iran war if supply disruptions
coalesce with hot weather in Asia and European storage refill
needs, Uniper's chief executive for the Middle East, John Roper,
said on Wednesday.
The current supply disruptions have hit Asian countries
excluding China harder than Europe so far, and the consequences
will be felt until at least 2030 as the closure of the Strait of
Hormuz and damage to facilities took most of the LNG supply
growth from 2025-2026 off the market, Roper said.
However, new projects due to come online in 2027-2028 will
in the medium term provide a more balanced market despite the
short-term problems gas markets are facing, Roper told the S&P
Global Energy Middle East Petroleum and Gas Conference in
London.
Asian LNG prices have rallied 75% from their pre-war level
and are now at $18.20 per mmBtu, LSEG data show. Prices rose in
March to their highest level since Dec 2022, hitting $25.30,
after Iran hit Qatar LNG Ras Laffan facility.
But that is a long way from their record high of $70.50 per
mmBtu in August 2022 after Russia's full-scale invasion of
Ukraine earlier that year.