BREAKING: Global LNG exports fell -7% MoM in April, to 33 million tons, the lowest since May 2024. This marks the 3rd consecutive monthly decline. Since the January peak, LNG exports have dropped -9 million tons or -21%. This collapse was driven by Qatar, the world's 2nd-largest LNG exporter, halting production after Iranian strikes destroyed its largest plant in March, with damage estimated to take years to repair. The damage to Qatar’s LNG infrastructure is set to delay the anticipated global LNG supply expansion wave by at least 2 years, with a cumulative loss of ~120 billion cubic meters of LNG supply projected between 2026 and 2030. All the while the Strait of Hormuz remains effectively closed despite the ceasefire. We are facing an unprecedented energy crisis.(The Kobeissi Letter)