The Globe and Mail reports in its Friday, March 20, edition that LNG markets surged on Thursday. The Globe's triple-bylined item, led by David Berman, reports that spot prices in Europe have doubled in March, while Asia-Pacific LNG benchmarks have surged by 90 per cent.
Wood Mackenzie analysts said Thursday: "Missile attacks on Qatar's Ras Laffan Industrial City have caused extensive damage. This fundamentally alters the global gas market outlook."
The analysts said initial expectations of a two-month disruption to LNG supplies are now likely to be exceeded.
The Shell PLC-led LNG Canada export terminal in Kitimat, B.C., began shipments to Asia last June and has been ramping up production since early 2026. LNG Canada is the first export terminal for the fuel in this country, which ranked 19th out of 24 LNG-exporting nations last year.
It takes roughly 10 days for a ship to sail from Kitimat to North Asia, compared with 20 days from the U.S. Gulf Coast via the Panama Canal.
Poten & Partners's Meredith Freeman says, "Canada's strategic value rises because it's Asia-facing, without Gulf transit or Panama Canal transit risk."
Woodfibre LNG and Cedar LNG in B.C. should be completed by late 2027 and by late 2028.
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