Weeks of War Are Reshaping Global Gas Market for Years to Come

Mar 19, 2026

Guest

Mark Travis

Guest

Sheila Kahyaoglu

Guest

Matt Diczok

Mark Travis, CEO of Intrepid Capital, shares market and stock-picking perspective. Sheila Kahyaoglu, Jefferies equity researcher, explains defense production and munitions capacity. Matt Diczok, Bank of America fixed-income strategist, outlines macro and bond-market shifts. They discuss LNG supply shocks from attacks, global energy shortages, rising fuel prices, defense manufacturing strains, and bond-market repricing.

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INSIGHT

Ras Laffan Damage Will Reverberate For Years

Damage to Qatar's Ras Laffan liquefaction plant is a massive supply shock that could keep global LNG prices elevated for years.
Two of 14 production trains were hit and repairs require specialized equipment, labor, and years, not months, to restore full output.

INSIGHT

U.S. Exports Are Insufficient To Plug The Gap

U.S. LNG exports can't fully backfill the lost Qatari supply despite America being the largest LNG exporter.
Even with U.S. plants running flat out, the scale of Ras Laffan means Asia and Europe will face persistent shortages and higher prices.

INSIGHT

This Shock Is About Liquefaction Not Pipelines

This shock differs from the 2022 Russia pipeline cut because it's liquefaction capacity, not pipelines, that's impaired, limiting quick redirection.
Traders note timing in the shoulder season reduces immediate demand but storage and summer/winter refills will stress markets.

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Each week the world’s largest liquefied natural gas plant remains shut, the world loses the equivalent of enough energy to power Sydney’s homes for an entire year.

Qatar’s Ras Laffan plant closed earlier this month after an Iranian drone attack, the first interruption to supply in three decades of operation. Now, after further hits — in retaliation for an Israeli strike on the vast South Pars fields on Wednesday — the wider complex has suffered what Qatar describes as extensive damage.

The latest assault damaged two of the plant’s fourteen production trains, with repairs expected to take years, people with knowledge of the matter told Bloomberg. That will put severe energy strain on economies across the world. For emerging nations — vital growth markets for LNG — a second gas calamity in four years is already destroying industrial demand, perhaps irreparably.Three weeks of conflict in the Middle East have upended the entire energy supply chain. With the vital Strait of Hormuz all but closed, gasoline and jet fuel prices are surging, cooking gas shortages are triggering fistfights in India and farmers are fretting about diesel and fertilizer. But with virtually no spare capacity, no strategic reserves and no easy replacements, LNG may be one of the most acute pain points in an expanding crisis.

The longer this continues, the only solution is for the world to use less gas — and that’s a major setback for a fuel promoted by the industry as a reliable and affordable bridge from dirty coal to full reliance on renewable power. Without gas, power plants curtail output, fertilizer and textile factories shut. The ripple effect from a long-term shock could be even more significant than the 2022 energy crisis, when Russia’s invasion of Ukraine forced dramatic changes in global gas flows.
Today's show features:

Ruth Liao, Bloomberg News Reporter covering Liquefied Natural Gas
Sheila Kahyaoglu, Managing Director in Equity Research at Jefferies
Matt Diczok, Head of Fixed Income Strategy for Merrill and Bank of America Private Bank
Drive to the Close with Mark Travis, CEO of Intrepid Capital

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