The Gas Exporting Countries Forum (GECF or Forum) ‘Monthly Gas Market Report (MGMR)’ is a monthly publication of the GECF focusing on short-term developments in the global gas market related to the global economy, gas consumption, gas production, gas trade (pipeline gas and LNG), gas storage and energy prices.
The highlights of the May report are as follows:
Gas consumption:
Global gas consumption declined sharply in April 2026 as the closure of the Strait of Hormuz severely disrupted international LNG trade. Reduced LNG deliveries across South and East Asia forced governments and energy companies to implement immediate demand-curbing measures. At the same time, surging LNG prices and supply uncertainties pushed power sectors to increase the use of alternative fuels, including coal and oil, to maintain grid stability despite the negative impact on carbon emissions. Although gas demand weakened, the decline in consumption was smaller than the disruption in supply, as accelerated storage withdrawals and greater reliance on alternative LNG supplies from non- Middle Eastern exporters partly offset supply shortages.
Gas production:
Global gas production was heavily impacted by the supply shock in the Middle East resulting from the ongoing geopolitical conflict and the closure of the Strait of Hormuz, with the region’s output declining by more than one third y-o-y. This was mainly driven by a sharp drop in gas production in major regional producers, including Qatar, the UAE and Iran. At the same time, continued growth in North American gas production partly offset the impact of the Middle Eastern supply disruption on global supply, with the US accounting for the largest increase.
Gas trade:
LNG supply disruptions from Qatar and the UAE following restrictions on transit through the Strait of Hormuz amid the Middle East conflict weighed heavily on global LNG imports in April 2026. As a result, global LNG imports declined for the second consecutive month, falling by 10% y-o-y to 31.5 Mt, the lowest monthly level since September 2023. Asia accounted for most of the decline, with regional imports falling by 13% y-o-y to their lowest level since April 2020, led by weaker imports in China and South Korea. Europe’s LNG imports declined more moderately, down 7.5% y-o-y, as the region was less exposed to disruptions in Qatari and Emirati LNG supplies and continued to receive stable LNG inflows from the US.
Gas storage:
The net gas injection season is underway in Northern Hemisphere countries, as they replenish reserves for the upcoming winter. In the EU, the monthly average gas storage level in April 2026 rose to 31 bcm, representing 30% of capacity, compared to 38 bcm in storage one year prior. In the US, the monthly average storage level reached 57 bcm, or 43% of capacity, compared to 54 bcm one year ago. In Asia, however, combined LNG stocks in Japan and South Korea stood at 7.3 bcm, 24% lower y-o-y amid the shortage in LNG cargoes.
Energy prices:
Global spot gas and LNG prices generally softened m-o-m in April 2026, reversing part of the sharp increases recorded in March amid easing geopolitical tensions in the Middle East. European hub gas and global spot LNG prices declined amid expectations of a gradual resumption of LNG transit through the Strait of Hormuz, which reduced market volatility and geopolitical risk premiums. TTF prices fell by 13% m-o-m to $15.57/MMBtu, while NEA spot LNG prices declined by 20% to $16.69/MMBtu. In North America, HH gas prices also softened due to weaker heating demand and robust gas supply fundamentals.