The global map of liquefied natural gas (LNG), as well as that of raw materials, has been upside down for some time. First due to the war in Ukraine and the fact that Europe turned off the tap for this fuel from Russia. Now, the war in Iran has been added to this following the attack by the United States and Israel and the subsequent blockade of the Strait of Hormuz –through which between a quarter and a fifth of the world's crude oil and natural gas circulated–, as well as an escalation of tension in the Red Sea. The context has forced many countries to look for gas under rocks –metaphorically and literally– and to chart unimaginable, or at least unusual, maritime routes, to the point that during the first eight months of 2026 (between January and August) the port of Barcelona has seen 7,439 tons of LNG loaded from the regasification plant tanks bound for Thailand. Specifically to the port of Bangkok, according to data on LNG shipments, to which ARA has had access.

It is from spring when Europe prepares for winter, at least as far as the supply of natural gas is concerned to face the energy consumption of families and companies in the cold months, when it skyrockets. In April, when the underground natural gas storage facilities are already half empty from the cold period being left behind, the different member states begin to fill these deposits. Furthermore, doing so when demand falls – the arrival of good weather and the entry of more renewable energy translates into a drastic drop in gas consumption, especially in northern Europe where seasonality is very marked – means that companies buy fossil fuel at a more reasonable price.

The price of natural gas in the Netherlands, the largest market in Europe, has surged by more than 25% this January, driven by renewed geopolitical tensions, particularly the clash between US President Donald Trump and European Union leaders over the American magnate's intentions to annex the EU. The price of gas on the TTF (the Dutch market) closed at €28.161 per megawatt-hour (MWh) in 2025, compared to over €36 on Tuesday. In the Spanish market, Mibgas, the price closed at €30.19 per MWh in 2025, but was above €37 on Tuesday.