Global Gas Waiting keeps storage builds sluggish

Research evidence excerpt

Global Gas Waiting keeps storage builds sluggish

Powered by Lab Global30 JulyResearch2026ab Evidence UBS YES

Global Gas Equities

GlobalWaiting keeps storage builds sluggish

Energy

Nayoung Kim

Hormuz risks persist; first Qatari cargo exit in 3 weeks Analyst

Gas markets remain sensitive to Hormuz headline. The first Qatari LNG cargo to exit the nayoung.kim@ubs.com

Strait in nearly three weeks suggests some improvement in flows (link), but it is still too +44-20-7568 4010

early to view this as a move toward normalisation. Sustained two-way LNG traffic would Henri Patricot, CFA

be needed before disruption risks can be meaningfully reduced. Qatar reportedly Analyst

purchased 33 US spot cargoes this year to support its long-term contractual obligations henri.patricot@ubs.com

(link), but this is reallocation of flexible LNG rather than additional supply. ADNOC also +33-14-888 3033

appears to have moved a ballast LNG carrier through Hormuz. With JKM holding at Joshua Stone

roughly a $2/MMBtu premium to TTF, flexible LNG still clears to Asia. European storage Analyst

levels are improving, although injection rates remain below seasonally required level, joshua.stone@ubs.com

leaving limited room for complacency ahead of the coming winter. +44-20-7901 5588

Josh Silverstein

LNG cargo trackers: overall LNG flows soften Analyst

LNG arrivals softened as high prices cut appetite for spot cargoes, while US maintenance josh.silverstein@ubs.com

+1-212-713 3513

and stronger exporter-market demand tightened supply. Asia arrivals fell 18% w/w and

3% y/y in the week to 25 July, while US cargoes to Asia dropped 40% w/w but remain Ellinor Cederstroem Palliotto

more than 2x y/y on a four-week basis, per UBS Evidence Lab data (> Access Dataset). US Associate Analyst