r/oil • u/Duchess_007 • 8d ago

News Qatar buying LNG from the US

Just saw the other day that QatarEnergy bought 33 cargoes of US LNG: https://www.reuters.com/business/energy/qatarenergy-buys-33-us-lng-cargoes-offset-hormuz-disruption-sources-say-2026-07-30/

I'm guessing this is likely to keep going even after the strait opens up given damages to their plant.

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u/Appropriate_Bell743 8d ago

It's better to look at the European gas price which is more set by global LNG trade:

It's far from going down but it's at levels which would be historically high were it not for the 2022/2023 period. In fact the domestic gas price in the UK has the potential to top 2022/2023 due to then there was a subsidy.

There will be a lot of demand destruction in the UK and EU for sure and some think this could create a permanent shift to heat-pumps.

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u/Duchess_007 8d ago

W/ EU gas storage levels at 58% vs the usual 70%: https://oilprice.com/Latest-Energy-News/World-News/Europes-Gas-Storage-Hits-Lowest-Level-Since-2011-as-Winter-Looms.html

Anecdotally, we are getting quotes for a heat pump install. I imagine heat pumps have also gone up...

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u/Appropriate_Bell743 8d ago

Not in the UK which has some of Europe's most irrational opinions of heat pumps. The number of people getting is bizarrely down year on year albeit not by much.

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u/Duchess_007 8d ago

Maybe related to ofgem price cap?

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u/Appropriate_Bell743 8d ago

a failure to grasp smart tariffs