Strait Of Hormuz Standoff Boosts Natural Gas Stocks

According to OilPrice, ongoing supply disruptions in the Strait of Hormuz following strikes on Qatar's Ras Laffan complex have significantly boosted financial results for several natural gas producers and exporters. Nearly seven months into the conflict, flows through the strait remain down more than 75% from prewar levels, while QatarEnergy has extended force majeure on deliveries through November.

Exporters and Spot Market Winners

Cheniere has continued to raise its 2026 guidance as international buyers seek out American liquefied natural gas cargoes that do not need to traverse the Strait of Hormuz. Meanwhile, Venture Global Inc. reported a 266% jump in second-quarter net income to $1.3 billion on $4.6 billion in revenue, benefiting heavily from strong spot market pricing. ConocoPhillips subsequently signed a 20-year agreement on October 1 to secure 1 million tonnes per year from Venture Global starting in 2030.

Trading Books and Floating Infrastructure

Other industry players have capitalized on the dislocation through international price linkages and trading operations. APA Corp. realized an average of negative $2.20 per Mcf for U.S. natural gas at the Waha hub due to regional pipeline constraints, yet expects roughly $950 million in pretax cash flow from a gas trading book tied to global LNG benchmarks. At the same time, Golar LNG ordered a fourth floating liquefaction vessel valued at $2.45 billion, betting that demand for alternative export infrastructure will persist while regional shipping risks remain high.

Key facts

• Flows through the Strait of Hormuz remain down more than 75% from prewar levels.
• Venture Global reported second-quarter net income of $1.3 billion, up 266% year-over-year.
• ConocoPhillips signed a 20-year supply deal with Venture Global on October 1.
• APA Corp. expects about $950 million in pretax cash flow from international gas trading.