JPM Natural Gas and NGL Reservoir: Global LNG Supply & Shipping Tracker: Qatar Utilization Continues to Decline

Research evidence excerpt

JPM Natural Gas and NGL Reservoir: Global LNG Supply & Shipping Tracker: Qatar Utilization Continues to Decline

J P M O R G A N North America Equity Research

31 July 2026

JPM Natural Gas and NGL

Reservoir

Global LNG Supply & Shipping Tracker: Qatar

Utilization Continues to Decline

JPM View: In this week’s Reservoir, we highlight key takeaways from the latest Oil & Gas Exploration & Production

ACGlobal LNG Supply & Shipping Tracker published by JPM’s Global Commodities Arun Jayaram

Research team (see here). The team noted that LNG transit through the Strait of (1-212) 622-8541

Hormuz remains halted, with Bloomberg ship-tracking data showing the last arun.jayaram@jpmchase.com

observed LNG vessel exit on July 12 and the last confirmed entry on July 10. Pankaj Bhatter, CFA

Deliveries to Kuwait have also slowed, with only one delivery observed over the (1-212) 622-3795

prior two weeks. Against this backdrop, Qatar’s ramp-up is facing challenges. pankaj.bhatter@jpmchase.com

With fewer ballast vessels available inside the Strait, Qatar Energy is forced to slow Jack Jerusalmi

loadings. The team estimates that only two cargoes were loaded at Ras Laffan last (1-212) 622-6552

jack.jerusalmi@jpmorgan.com

week, with Qatar’s liquefaction capacity slipping to ~13% on a 7-day moving- J.P. Morgan Securities LLC

average basis, down from ~22% the prior week and ~30% two weeks earlier. The

team emphasized that key questions at this stage are how swiftly the current

escalation can be resolved, whether Qatar can avoid another production shutdown,

and what is the risk premium around Qatar’s supply heading into winter.

The Global Commodities Research team also noted early signs of adjustment in

LNG pricing. As TTF prices moved above 60 EUR/MWh during last week, the