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What is the story about?
Several Qatari liquefied natural gas tankers are heading back toward the Persian Gulf, a sign the supplier may be positioning vessels for a resumption of exports through the Strait of Hormuz.
Six empty gas carriers linked to Qatar are in the Gulf of Oman or on their way there, according to ship-tracking data compiled by Bloomberg. Another empty ship recently crossed the Hormuz, and is currently in the Persian Gulf heading toward Qatar, Kpler data shows.
Qatar, which used to account for a fifth of the world’s LNG, has all-but halted shipments since one of its tankers was attacked in late July. That’s in contrast with oil exports that have picked up markedly over the last month or so. The ship movements suggest Qatar might be taking a more aggressive approach, even as fighting between the US and Iran has flared up again and Tehran declared a restricted zone outside Hormuz.
QatarEnergy didn’t respond to a request for comment outside of normal business hours.
The producer has continued loading LNG onto available empty tankers inside the gulf, and also kept exporting fuel to Kuwait, helping it manage storage and keep parts of its massive export complex running at minimum levels. Maintaining some output allows QatarEnergy to keep equipment operational and gives it the flexibility ramp up more quickly if tensions in the waterway ease.
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But months of disrupted exports have steadily depleted the pool of available empty vessels. There are now 15 LNG carriers idled behind Hormuz carrying Qatari gas, while another two vessels are currently loading at Qatar’s Ras Laffan export terminal, according to ship-tracking data.
The lack of Qatari exports has Asian and European buyers scrambling for replacement supply, keeping LNG prices elevated. Any resumption in shipments would be welcomed by price-sensitive South Asian buyers in particular, who are struggling with shortages and power blackouts.
Two empty LNG tankers appeared to attempt to go through Hormuz over the last few days, but ended up turning around, the data show. The vessels are now waiting near the eastern entrance of Hormuz.
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Six empty gas carriers linked to Qatar are in the Gulf of Oman or on their way there, according to ship-tracking data compiled by Bloomberg. Another empty ship recently crossed the Hormuz, and is currently in the Persian Gulf heading toward Qatar, Kpler data shows.
Qatar, which used to account for a fifth of the world’s LNG, has all-but halted shipments since one of its tankers was attacked in late July. That’s in contrast with oil exports that have picked up markedly over the last month or so. The ship movements suggest Qatar might be taking a more aggressive approach, even as fighting between the US and Iran has flared up again and Tehran declared a restricted zone outside Hormuz.
QatarEnergy didn’t respond to a request for comment outside of normal business hours.
The producer has continued loading LNG onto available empty tankers inside the gulf, and also kept exporting fuel to Kuwait, helping it manage storage and keep parts of its massive export complex running at minimum levels. Maintaining some output allows QatarEnergy to keep equipment operational and gives it the flexibility ramp up more quickly if tensions in the waterway ease.
Also read: Twenty-five years after 9/11, Americans still live with its legacy
But months of disrupted exports have steadily depleted the pool of available empty vessels. There are now 15 LNG carriers idled behind Hormuz carrying Qatari gas, while another two vessels are currently loading at Qatar’s Ras Laffan export terminal, according to ship-tracking data.
The lack of Qatari exports has Asian and European buyers scrambling for replacement supply, keeping LNG prices elevated. Any resumption in shipments would be welcomed by price-sensitive South Asian buyers in particular, who are struggling with shortages and power blackouts.
Two empty LNG tankers appeared to attempt to go through Hormuz over the last few days, but ended up turning around, the data show. The vessels are now waiting near the eastern entrance of Hormuz.
Also read: Can data centres actually work in space? Elon Musk thinks so
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