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There Isn’t Enough Natural Gas to Calm Down a Global Price Rally

  • Europe and U.S. gas prices extend surge on low inventories
  • China’s wild LNG demand growth means less supply for others
pipeline lng gas
Photographer: Paco Serinelli/AFP/Getty Images

Natural gas markets around the globe are rallying as the world’s importers have come to a stark realization: there isn’t enough supply to go around.

A long, frigid winter drained gas stockpiles from Louisiana to Germany, and utilities are struggling to build them back up. But unforeseen supply disruptions and a rebounding global economy are making it impossible to keep up. That’s setting up a desperate scenario as hot summer temperatures approach, and it’s bound to get even worse when demand peaks this winter.