Energy Market Update 24/03/2026

Welcome to our weekly energy market update, where we share the latest trends, shifts, and key developments impacting the energy sector. Whether it’s fluctuations in oil and gas prices, changes in renewable energy policies, or updates on energy infrastructure projects, we’re here to help you stay informed. Join us as we break down the most important factors influencing the market this week, and explore what these changes could mean for your business.

Current Market Drivers:

🔴 Market commentators suggest damage at Qatar’s Ras Laffan LNG complex could cut output by 37% this year. Moreover, QatarEnergy’s CEO added that around 17% of export capacity, or 12.8 million tonnes per year, could remain offline for the next 3–5 years due to Iranian attacks damaging the facility.

📉 EU gas storage levels are currently at 28.46%, below the three-year average, while the IEA warned that repeated attacks could leave Gulf gas infrastructure offline for more than six months, reinforcing storage replenishment fears amid prolonged supply disruption.

📈 US approval for a 13% export increase at Plaquemines LNG improves near-term global supply prospects and adds a mild bearish signal to European gas by boosting Atlantic Basin availability, although elevated geopolitical risk continues to limit the downside.

⚡ Asian countries have started shifting toward coal-fired generation as Middle East tensions tighten LNG supply. With Asian JKM spot prices rising to a three-year high, further disruption could trigger LNG demand destruction across the region.

🗣️ Donald Trump said he would postpone strikes on Iranian energy infrastructure causing a sharp drop in prices of oil and gas.

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