Supply Pressure

March 31 and April 1, 2026 News

SUPPLY RELIEF / RECOVERY SIGNALS

• Woodside (North West Shelf): LNG and domestic gas production has restarted at the North West Shelf facility following disruption from Severe Cyclone Narelle late last week. Woodside is conducting a controlled return to normal operations. (Bloomberg, LNG Prime)

SECONDARY SUPPLY CONSTRAINTS

• U.S. shale basins (Marcellus, Permian, Haynesville): U.S. natural gas supply is increasingly concentrated in three basins that accounted for 74% of shale gas production in 2025 (~22.2 Tcf) and 92% of supply growth since 2016. ( Reuters)
• European Union: The EU energy commissioner warned that gas prices — up ~70% since the start of the Iran war — will not return to normal even if the conflict ends, citing "increasing constraints" in global gas markets. (Euronews)

DEMAND RESPONDING TO SUPPLY CONSTRAINTS

• India (Coal India): LNG supply disruptions from the Iran conflict are pushing India deeper into coal dependence. Gas-fired power accounts for only ~2% of generation versus ~75% from coal, and the government has directed coal plants to run at maximum capacity and avoid planned outages. (Reuters)