Japan National Energy-Security Analyst read (September 30 – October 6, 2026)

1. PHYSICAL SUPPLY CONTINUITY

• Qatari supply stays out into winter · THREATENS — QatarEnergy's force majeure runs to November for long-term buyers in Asia and to December for Europe. JERA does not expect Qatari supply disruptions to end in time for winter 2026–27. Read This: Bloomberg
• Some Qatari cargoes moving · WATCH — Four LNG vessels carrying Qatari cargoes reappeared outside Hormuz around October 2–3, signaling for China and delivering to India. S&P Global counted 19 LNG cargoes exiting Hormuz in September, still 80% below pre-war levels. Read These: Reuters, Reuters