Cindy, how did buyers and sellers react at the start of the Middle East conflict?

At the start of the conflict, the market reaction was quite swift.

Concerns over Middle East supply disruptions pushed the Platts JKM to a multi-year high, close to a mid-$25 per MMBtu price, its highest level since December 2022.

The main concern was the Strait of Hormuz, where around 20% of global LNG supply, largely from Qatar, passes through this choke point.

As shipping disruptions emerged and concerns grew over Qatar's export infrastructure, market participants began assessing the risk of prolonged supply outages and delays to cargo deliveries.

On the buyer side, the impact varied depending on each company's supply portfolio.

Several importers that were heavily affected by the loss of LNG supply included India, Bangladesh, and Taiwan, who entered the spot market seeking replacement cargoes.

With that in mind, what should the market watch next in Q3 and Q4?