The projected price point represents the highest benchmark level since early 2023, when the European energy crisis forced a frantic scramble for alternative supplies. Even if logistical bottlenecks in the Strait of Hormuz were resolved immediately, the bank maintains that market fundamentals are already locked into a tightening cycle that will persist through the coming summer months.

China has already accelerated its procurement strategy, with state-backed energy giants and private firms importing record volumes to buffer against anticipated heat waves. Bloomberg estimates show China’s 30-day moving average for deliveries has reached 178,000 tons per day, the highest rate since February. This aggressive buying spree, coupled with the systemic pressure to replenish storage sites across Europe, signals a volatile period for global gas markets as cooling demand begins to dominate the energy landscape.