Industry executives at the Gastech conference stated that depressed LNG demand in China and India is a result of spiking prices due to the Middle East conflict. They anticipate consumption in these key Asian import markets will rebound once the war ends and prices normalize, potentially below $10 per million British thermal units (MMBtu). The war in Iran and the closure of the Strait of Hormuz have severely restricted LNG supply from Qatar and the UAE, sending Asian spot LNG prices last week to their highest level since 2022. This week, the price for October delivery into northeast Asia has held above $25 per MMBtu.