November 9, 2026: Global natural gas supplies face significant tightening ahead of the 2026–27 winter heating season due to unprecedented trade flow disruptions through the Strait of Hormuz, according to a report by the International Energy Agency (IEA).

Between March and October 2026, LNG exports from Qatar and the UAE dropped by 60 billion cubic metres (bcm) year-on-year, driving a 5% (20 bcm) contraction in overall global LNG production. Incremental output from North America, West Africa, and Australia (~20 bcm) remains insufficient to fully bridge the shortfall created by Persian Gulf restrictions. Depending on transit conditions through the Strait of Hormuz, global LNG availability could decline by 10 to 25 bcm year-on-year between November 2026 and March 2027, with limited flexibility from long-distance pipelines operating near maximum design capacity

(Source: PSU watch)