The tensions ratcheting up in the Middle East have left the Suez Canal devoid of LNG carriers to start the week, adding shipping lags and costs to cargoes for possibly the rest of the winter.

However, the global natural gas market appears locked into a downward spiral as forecasts point to weaker price dynamics through 2024.

Swaps And Shuffles

On Monday, Kpler shipping data showed no liquefied natural gas carriers in the waters between the Gulf of Aden, south of Yemen, and the Suez Canal. Meanwhile, a steady stream of vessels heading to and from Asia continued to round Africa’s Cape of Good Hope.

[Want to know how global LNG demand impacts North American fundamentals? To find out, subscribe to NGI’s Daily Gas Price Index]

Although “Suez transits are not as impactful...