It has been nearly a month since an LNG carrier last traversed the Suez Canal, but the impact of the Red Sea shipping crisis – a consequence of the Israel-Gaza war – on LNG trade appears to be limited. This is reflected in global gas prices remaining subdued, despite the heightened geopolitical risk in the Middle East, in part thanks to Europe’s healthy gas stocks. However, should the disruption in the Red Sea remain unresolved, or even spread to other regional chokepoints, the outlook could change, industry sources warn.
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