Gas markets Hormuz LNG crossings signal cautious recovery

Research evidence excerpt

Gas markets Hormuz LNG crossings signal cautious recovery

26 June 2026

Equities & Commodities

Global Gas markets

Hormuz LNG crossings signal cautious recovery

◆ LNG crossings have improved since the MoU, though flows Sadnan Ali*, CFA

have been volatile and remain well-below pre-crisis levels Global Oil & Gas Analyst

HSBC Bank plc

◆ Uncertainties regarding safe passage limit recovery potential sadnan.ali@hsbc.com

+44 207 9910569

◆ Qatar’s ramp-up is pivotal for balancing markets in the coming Kim Fustier*

months; we still expect a several-week timeline Senior Global Oil & Gas Analyst HSBC Bank plc

kim.fustier@hsbc.com

Tracking LNG flows: After the US and Iran signed a memorandum of understanding +44 20 3359 2136

(MoU) on 14 June, the focus has increasingly turned to tracking actual flows going Charles Swabey*

through the Strait of Hormuz, to gauge the speed of any supply recovery. We GlobalHSBC BankUtilitiesplc & Renewables Analyst

covered the oil and products flows in Oil markets: Hormuz tracker: Flows recover, charles.swabey@hsbc.com

+44 20 3268 3954

constraints remain (23 June), but in this note we focus on LNG flows specifically.

Evan Li*

Improvement, not normalisation: High-frequency flow data show a clear uptick in Head, Asia Energy Transition Research

The Hongkong and Shanghai Banking Corporation Limited

LNG vessels crossing the strait, but not a sustained return to pre-conflict levels. Five evan.m.h.li@hsbc.com.hk

vessels (one outbound, four inbound) crossed the strait on 22 June, the most since +852 2996 6619

the conflict began. Those inbound ships were empty LNG tankers linked to Qatar, Ildar Khaziev*, CFA

Senior EM Oil & Gas and Utilities Analyst

which signals that exports may start to recover in the near term. However, that was HSBC Bank plc