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Global gas markets are expected to continue facing supply shortages and rising prices until next summer, due to disruptions in LNG exports from the Gulf resulting from Iran's war and increased competition between Europe and Asia for shipments. Futures contracts indicate that prices will remain high with risks of prolonged shortages, as Europe is beginning to pay higher prices to attract shipments and fill its stocks before winter, amid uncertainty surrounding Qatar's exports and the redirection of Russian shipments to other markets. This situation represents a departure from the energy crisis that followed the Russia-Ukraine war and places European policies at a crossroads, balancing supply security, prices, and climate goals, while warnings are issued about the potential impacts of ongoing flow disruptions on global markets.
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