Global LNG Supply & Shipping Tracker

Research evidence excerpt

Global LNG Supply & Shipping Tracker

J P M O R G A N Global Markets Strategy

29 June 2026

Global LNG Supply & Shipping

Tracker

Qatari ramp-up slows down

Qatari utilization averages near 20% Global Commodities Research

Qatar Energy continues broadly stable operations, as we estimate it loaded four Otar Dgebuadze, CFA

(44-20) 3493-8246

LNG cargoes during the week, implying about 20% utilization rate on a seven-day otar.dgebuadze@jpmorgan.com

moving average basis. This is slightly below the estimated 25% utilization rate, J.P. Morgan Securities plc

achieved last week. Worth noting that these utilization rates are based on loading Aradhaya Makkar

data, while the transit via Hormuz remains limited following the escalation over the aradhaya.makkar@jpmchase.com

weekend and Qatari warning about non-commercial maritime activities. J.P. Morgan India Private Limited

Accordingly, most of these loaded vessels appear idle in the Gulf as the last LNG

tanker exited the Strait on June 25 and the last delivery to Kuwait was on June 21

(UAE on June 14).

At the current observed pace and assuming the Strait remains open, we

estimate Qatar will reach its normalized full capacity (i.e. excluding the two

damaged trains) in August, broadly in line with our existing forecasts (Figure

1 & 2).

Figure 1: Expected ramp up speed of Qatar Figure 2: Actual ramp up speed of Qatar LNG

LNG liquefaction capacity liquefacton capacity

% %

120 120

100 105 100

(%) 2025 utilization (%) 2025 utilization

util. 80 80 util. 80

Estimated Estimated capacity 60 theoretical max capacity 60 theoretical

40 Actual Qatar Liquefaction max loadings Liquefaction Actual Hormuz exits

20 JPM Base case

20 JPM Base

case

0 15 30 45 60 75 90 105 120 0

Days after Hormuz reopening 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep