LNG Position Book - August 26, 2026

Edition: Aug 26, 22 markers · Backstory: Aug 16–25, 164 markers

The day was defined by Qatar's export collapse being quantified and by the Hormuz reopening thesis failing to hold. Europe weakened a third straight edition, and Corpus Christi returned to full output.

Qatar — export capability · WEAKENED (confirmed deep)

• Exports down 96%; ~$24bn in lost sales reported. US sales rising into the gap; European stocks falling.
• Deepens a position declining since Aug 20 (supply −196 Mcm/d; state spending cut Aug 21).
• Read These: OilPrice.com (−96% / $24bn), Reuters (US sales rise)

Strait of Hormuz — transit · REAFFIRMED (shut); reopening thesis faded

• Crossings subdued. Source framing shifted to "stalemate" and "trench warfare six months on." Japan backing bypass pipelines.
• The Aug 25 reopening thesis (Iran–Oman talks) did not produce transits — falsifier fired.
• Read These: Financial Times (stalemate), Reuters (trench warfare)