Otar Dgebuadze, a European natural gas analyst focused on LNG and regional flows. Greg Shearer, head of base and precious metals strategy tracking metals moves and outlooks. They unpack strikes on energy infrastructure and Qatar LNG damage. They cover Asian fuel shortages, base metals weakness, and why gas and oil benchmarks are diverging.
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Gas Infrastructure Is Now A Direct Target
Gas infrastructure has become a direct target, risking large LNG and pipeline flows.
Otar Dgebuadze flagged damage to South Pars, UAE fields and two Qatari LNG trains equal to ~36 BCM lost if offline one month.
insights INSIGHT
Qatar Damage Can Remove Tens Of BCM From Market
Qatar damage materially tightens global LNG given Qatar supplies ~18% of LNG and two damaged trains equate to ~17% of its capacity.
Otar estimates ~36 BCM lost through injection season if repairs take one month, with 7 BCM per additional month.
insights INSIGHT
Asia Feels Oil Tightness Before Brent Or WTI
Middle East supply disruption is hitting Asia far harder than Atlantic benchmarks suggest.
Natasha Kaneva highlights Dubai/Oman are trading near $160/bbl and diesel, jet fuel spikes are causing demand destruction and transport cutbacks in Asia.
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The war in the Middle East is reaching its three-week mark and commodities markets show no signs of easing. On the contrary, attacks on critical energy infrastructure have ramped up, while the remaining 3% of typical Hormuz traffic has shifted into Iranian waters. Elsewhere, Asia is beginning to show signs of demand destruction amid exploding products prices. In this episode, we summarize the week’s developments and highlight what the markets are missing in gas, oil and metals.
Speakers:
Natasha Kaneva, Head of Global Commodities Research
Greg Shearer, Head of Base and Precious Metals Strategy
Otar Dgebuadze, European Natural Gas
This podcast was recorded on March 20, 2026.
This communication is provided for information purposes only. Institutional clients can view the related report at
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