At Any Rate Global Commodities: A Month of Disruption
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Apr 2, 2026 Greg Shearer, metals strategist focused on supply shocks and precious metals dynamics. Otar Dgebuadze, European gas specialist tracking LNG flows and storage. They unpack strikes on metal plants, aluminum restart risks and possible deficits. They also cover strained LNG deliveries, low European storage and rerouting risks after Red Sea disruptions.
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European Gas Storages End Winter Historically Low
- European gas storages finished winter extremely low at about 18% in Northwest Europe and 28% in the EU.
- Italy skews the EU average with ~43% but much of that is strategic reserve never released, leaving storages historically tight.
LNG Flows Are Volatile And Hormuz Crossings Halted
- LNG flows show week-to-week Asia-Europe switching, with recent marginal increases into Europe likely to revert as some cargos are Asia-bound via Suez.
- No LNG vessels have crossed the Strait of Hormuz since the conflict began; 17 vessels remain in the Gulf idle.
Global Gas Up Big While US Henry Hub Stays Calm
- International gas prices jumped ~60% (from ~€30 to ~€50/MWh), while Henry Hub remained broadly unchanged and coal rose ~15%.
- A healthier coal market versus 2022 weakens the channel that previously transmitted international gas shocks into US gas.