Global liquefied natural gas supplies rose 3% month-on-month in July but was still 9% below the levels seen during the corresponding period last year, Rystad Energy said in an analysis published Friday.
"While LNG supply increased by 3% from June due to stronger US and Australian production, global output still trailed by 9% compared to last year as the Middle East conflict smolders," Rystad analysts said.
In July, global LNG output increased by 1.5 million tonnes to about 33 million tonnes.
Despite an increase in loadings during the month, attacks on LNG carriers, liquefaction facilities and an import terminal in Egypt kept a lid on Qatari and UAE LNG supplies.
"While Qatari loadings more than doubled from June, only a fraction exited the Strait of Hormuz and volumes were still 81% lower year-on-year," Rystad Energy said.
Asian LNG imports during the month rose 6.3% year-on-year, rebounding from the declines seen between February and June, amid an increase in cooling demand due to the El Nino phenomenon.
Japanese LNG imports rose 7.2% year-on-year, while Taiwan recorded a 15% jump, while India and Thailand saw imports rising by 14.1% and 15.2%, respectively.
China recorded a 5.5% year-on-year rise in LNG imports due to weaker domestic output and pipeline supply growth.
Meanwhile, Europe's LNG imports in July fell to its lowest levels since August 2024 falling to 24.4 billion cubic meters, declining by 4% month-on-month and 11.5% year-on-year.
Gas storage levels in the continent reached 57.7 billion cubic meters or 54.9% at the end of the month, down 12.2 Bcm from last year and about 31 Bcm from 2023-24 levels.
Europe's gas inventories are expected to be only 74.6% full by the end of October, leaving the region exposed if the recovery of Qatari and UAE supplies is slowly than expected, Rystad Energy said.