“LNG ships have started passing through the Strait of Hormuz again, and even though it will take several weeks before the ships reach their destinations, the gas market is obviously relieved,” analysts at Mind Energy said in a daily research note.
Three supertankers carrying crude oil passed through the Strait of Hormuz on Tuesday, while seven empty Qatar-linked liquefied natural gas tankers have entered in recent weeks, an early sign that Persian Gulf gas shipping may be resuming, ship-tracking data showed.
Hopes of fresh LNG supplies helped offset strong gas demand from the power sector as high temperatures and low wind speeds gripped Europe.