Goldman Sachs: Qatari LNG Disruption to Persist Beyond Expectations

Global LNG markets face prolonged instability as Qatar struggles with export resumption. Goldman Sachs forecasts exports near zero through March 2026, with total capacity likely recovered by May.

Price Surge Across Major Benchmarks

The supply shortfall has forced significant revisions in global price benchmarks.

• European TTF Q2 2026 forecast hiked to 63 EUR/MWh.
• Asian JKM forecast raised to 23 USD/MMBtu.

Industrial Demand Destruction

High prices are driving gas-to-oil switching. Evidence of demand destruction is emerging in markets including India, Pakistan, and Bangladesh.

Regional Market Disparity

The U.S. market remains relatively insulated. Henry Hub prices are expected to decouple from global LNG volatility, though future supply remains constrained by project postponements in Qatar.