LNG Position Book - August 25, 2026
Edition: Aug 25, 29 markers · Backstory: Aug 16–24, 135 markers
European LNG prices reached a multi-year high, weakening Europe's winter-supply position a second straight edition, and the first diplomatic movement appeared at Hormuz. The US build-out advanced the same day: Louisiana LNG cleared FID and a court challenge, and Woodside reoriented its strategy toward LNG.
Europe — winter supply security · WEAKENED (second straight edition)
- European LNG prices surged to their highest since 2023; benchmark gas futures closed at their highest in more than three and a half years; hedge funds raised bullish bets into winter.
- Yesterday's deterioration accelerated rather than stabilized. Since Aug 16.
- Read These: Financial Times (Aug 25 since-2023 high), @JKempEnergy (Aug 25 3.5-year high)
Strait of Hormuz — transit · REAFFIRMED (shut); reopening thesis emerged
- Crossings stayed subdued, so the physical closure held. What changed is diplomatic: Iran and Oman are pushing talks for an "interim" reopening, and the US Navy said mines had been cleared.
- Falsifier for the reopening: transits actually rising — talks and cleared mines are not crossings. Since Aug 17.
- Read These: Bloomberg (Aug 25 interim-reopening talks), Reuters (Aug 25 Oman corridor)