International LNG Prices Surge Following Strait of Hormuz Closure
The closure of the Strait of Hormuz has led to a significant increase in international liquefied natural gas (LNG) prices, particularly affecting Europe and Asia. The European benchmark price, TTF, rose to $14.80 per MMBtu, while the Japan-Korea Marker (JKM) in East Asia increased to $16.02/MMBtu. This disruption has impacted over 10 billion cubic feet per day of global LNG supplies, primarily from Qatar's Ras Laffan facility. The U.S. has seen a decrease in natural gas prices at the Henry Hub due to limited export capacity and sufficient domestic supply. The U.S. Department of Energy has approved increases in export authorizations, but the overall impact on U.S. prices remains minimal. 
