Role Signal Board — May 13, 2026

ORIGINATION

QatarEnergy al-Kaabi: no further Hormuz LNG exports planned; exceptions possible for customers willing to engage Iranian authorities directly. Read This: @cm_energyintel

Petronas signed 20-year charter with MISC for five newbuild 174,000 cbm LNG carriers; delivery 2029-2030, Hudong-Zhonghua construction. Read This: Splash

NGSA projects US LNG exports at 19.9-20 Bcf/d summer 2026; total capacity approaching ~20 Bcf/d by year-end. Read This: Press Release

PORTFOLIO

Al-Kaabi confirmed 14 full tankers stranded inside Hormuz, 118 empties outside; normalization minimum 2-3 months after full reopening. Read This: @SStapczynski

Russia LNG exports hit record 13.4M mt Jan-May 11 (+12.3% YoY); Russia's global LNG share rose to 8.4% from 7.7%. Read This: Reuters

Al-Kaabi expects structurally higher oil and gas prices for 2-3 years; damaged trains repaired in ~3 years within 3-5 year range. Read This: @cm_energyintel

Freeport LNG Train offline again for scheduled maintenance May 13; feedgas to 1.6 Bcf/d; return in several weeks. Read This: Reuters

PROCUREMENT

EU storage at 35.57% versus 42.8% a year ago; backwardation limiting injection incentives for 2026/27 heating season. Read This: Reuters

Eurogas/IOGP urged Brussels to activate 10pp + 5pp storage target deviation "as soon as possible" ahead of Cyprus ministers meeting. Read These: OilPrice.com Bloomberg

Pakistan expects another Qatar cargo this month under long-term agreement; LNG supports 6,000 MW generation. Read This: Bloom Pakistan

India approved $3.9B coal gasification scheme targeting 75M mt/yr — direct LNG substitution pathway for power and fertiliser. Read This: Reuters

SHIPPING

Iran expanded Hormuz "operational area" from Jask to Siri Island — 10× wider than pre-war; IRGC requesting per-vessel documentation and naval supervision. Read This: Reuters

Qatar rejects Iranian tolls for Hormuz transit; al-Kaabi expects strait to reopen fee-free. Read This: @cm_energyintel

Flex LNG spot rates surged from cyclical lows in February to >$250,000/day; structural shift to long-haul trade tightening modern tonnage. Read This: TradeWinds

Japan PM Takaichi directly contacted Iranian president for oil tanker transit; 39 Japan-related vessels still stuck in Gulf. Read This: Reuters

GREENFIELD DEVELOPMENT

LNG Canada Kitimat flaring 3-7× above permitted levels in March; acid gas incinerator offline full month; flare tip replacement mid-June. Read This: CBC

Sinopec Ziyang Dongfeng approved with 235.7 bcm proven shale gas reserves — ultra-deep Cambrian, Sichuan Basin. Read This: Press Release

Senegal Yakaar-Teranga gas development estimated at $7.5B by Petrosen; targets replacing imported fuels. Read This: Bloomberg

CAPITAL & INVESTMENT

Inpex raised FY2026 net profit forecast to ¥350-450B from ¥330B; Ichthys averaging ~10 cargoes/month, prioritising Japan. Read This: Reuters

KOGAS Q1 net profit up 49.3% to ₩548.3B; operating profit ₩910B versus ₩833.9B YoY. Read This: Yonhap News

Flex LNG Q1 TCE averaged $65,729/day at seasonal low; declared $0.75/share dividend; term fixing at last-done rates could produce record 2026 revenue. Read This: Press Release

RISK

Al-Kaabi confirmed byproduct stocks (helium, sulfur, urea) full — must clear before LNG restart from undamaged trains. Read This: @cm_energyintel

Iran expanded Hormuz control zone 10× and force majeure remains on QatarEnergy, Kuwait Petroleum, and Bapco. Read This: Reuters

IEEFA projects EU sourcing 80% of LNG from US by 2028; $750B trade deal described as physically and financially challenging. Read This: IEEFA

LNG Canada commissioning reliability compromised — spare flare 16.7M cbm in March; three production constraints concurrent. Read This: CBC

POLICY & REGULATION

Iran Hormuz sovereignty bill progressing; peace counterproposal demanded sovereignty recognition, compensation, and sanctions lifting — rejected by Trump. Read This: Reuters

Japan considering supplementary budget for fuel subsidies on top of existing ¥1T reserves; PM to decide around mid-June G7 summit. Read This: Reuters

South Korea/Spain/Italy/France each purchased 50%+ more US LNG in March than February as import flows redirect. Read This: Wall Street Journal