Caleb Hamilton
Natural gas supply disruption is reshaping LNG deals, while the United States Natural Gas Fund traded at $11.13 on September 25, down 3.64%, as buyers search beyond disrupted Gulf exports.
| Price | 11.13 USD |
|---|---|
| Day change | -0.42 (-3.64%) |
| Volume | 43,663,483 |
UNG falls as gas supply risks deepen
The ETF offers a market level for this story, but it is a tracker, not a direct quote for natural gas or LNG. Its daily decline does not by itself show whether physical gas prices rose or fell, or identify what drove the move. The available data provides no inventory figures or dollar measure, so neither can be tied to the fund’s change.
Supply disruption is the central pressure in the reported market picture. Strikes damaged facilities serving Qatar’s North Field and Iran’s South Pars, two parts of a shared gas formation covering 9,000 square kilometers. The field holds 25% of the world’s gas resources and supplies 10% of global production.
The conference account also described a broader pullback in energy prices on Monday. Oil fell below $100 a barrel for the first time in two weeks after U.S. President Donald Trump said he was open to a possible meeting with Iranian President Masoud Pezeshkian at the United Nations General Assembly in New York. Trump was due to speak on its opening day, with Pezeshkian scheduled for Wednesday. That geopolitical signal coincided with the oil decline, but the supplied data does not establish its effect on natural gas.
Damage at Ras Laffan and South Pars cuts supply
March strikes damaged two LNG production units at Ras Laffan, reducing Qatar’s export capacity by about 17%. Wood Mackenzie estimates repairs to Qatari gas processing capacity will cost about $5.8 billion. Full repairs to the damaged liquefaction trains could take as long as three years.
Qatar exported more than 80 million tonnes of LNG in 2025. India received 11.9 million tonnes and Taiwan 8.2 million tonnes, while Europe accounted for 11% of total supply. Restrictions on exports and shipping then helped cut Qatar’s hydrocarbon GDP by 25.8% year on year in the first quarter of 2026. The country’s overall economy contracted 7% in that quarter.
QatarEnergy has delayed the first production unit at its North Field East project until the first half of 2027. Force majeure declarations affecting contracted supplies to certain buyers were extended into November 2026. These setbacks come as 54 million tonnes per annum of uncontracted Qatari LNG is expected to reach the market by 2035, putting future supply decisions into sharper focus for buyers.
Iran faces a separate recovery challenge. The country lost roughly one third of its gas capacity in the conflict, while sanctions already restricted its access to foreign technology, specialized equipment and skilled workers. The damage to South Pars has made it harder for Tehran to serve domestic demand and pursue export targets.
Buyers turn to new LNG agreements
At Gastech in Bangkok, organizers put the value of agreements announced or advanced at an estimated $60 billion. Among them, China Gas Holdings signed a 20 year LNG sales and purchase agreement with U.S. exporter Venture Global LNG. The deal provides for 0.5 million tonnes per annum starting in 2030, with supply from Venture Global’s Louisiana export projects. For China Gas, that adds a source outside its traditional regional pipeline supply.
A second agreement extends production from the Malaysia Thailand Joint Development Area. PETRONAS, PTTEP JDA and the Malaysia Thailand Joint Authority formalized a 35 year production sharing contract and gas sales agreement, taking the arrangement beyond its previous April 20, 2029 expiration date.
The block covers about 3,494 square kilometers in the southern Gulf of Thailand. Fields including Cakerawala, Bumi and Suriya currently produce 300 million to 400 million standard cubic feet of natural gas per day. Malaysia and Thailand split the gas equally.
Investors and buyers also showed renewed interest in proposed projects in Argentina, Timor Leste and Tanzania. Timor Leste plans two new LNG plants: a 5 million tonne a year facility drawing on the long delayed Greater Sunrise fields, and a 1.5 million tonne plant using remaining gas from Bayu Undan. The projects underline how damaged output in the Gulf is sending buyers to consider supply options well beyond the region.
