Ras Laffan under fire: what the strikes on the world's largest LNG hub mean for global gas markets

Please note: The figures shown below were accurate at the time of publication on 19 March and may have changed since. New information and datapoints are likely to have been released since.

The global LNG market faces its most significant supply disruption in decades. Missile strikes on Ras Laffan Industrial City—the nerve centre of Qatar's LNG export operations—have removed up to 19 million tonnes of supply from the global balance. We at Kpler break down what this means for traders, buyers, and the broader energy landscape.

Key takeaways

• Supply loss: Up to 19 Mt of LNG may be offline through end-May, with downside risk if damage assessments worsen
• Price impact: JKM spot prices have surged above $21/MBTU, with sustained $20+ levels likely through summer
• Regional dynamics: Europe and Asia will compete directly for Atlantic Basin cargoes, creating structural price tension through Q3
• Recovery timeline: War risk insurance signals—not official announcements—will provide the first indication of market reopening
• US-Iran context: Escalating US-Iran tensions underpin the conflict, with strikes on both Ras Laffan and Iran's South Pars field introducing shared reservoir risk