Flex LNG reported its second-quarter earnings on August 19. The carrier owner warned that European gas storage has hit multi-year lows. Storage levels reached approximately 61% by mid-August.
Disruptions to Middle Eastern shipments from Qatar caused the shortfall. Europe and Asia now compete intensely for available LNG cargoes. U.S. exports serve as the critical swing supply for global markets.
Analysts expect the European Union to miss its winter storage targets. Separately, U.S. natural gas futures (NG=F) rose due to a domestic heatwave. Sustained high temperatures increased cooling demand from power utilities. Forecasters predict a smaller-than-usual injection in the next weekly storage report.