A New Gas Shock?

*** This episode was recorded on Wednesday before attacks on Qatari and Iranian energy infrastructure. But the message from the guests is still highly relevant - the wholesale gas market has not fully priced in the geopolitical risk premium. In this second episode of our special series on the war in Iran and its implications for energy markets, we focus on a potential looming gas crisis. As Europe enters the crucial storage refill season with lower-than-usual inventories and a far more complex global backdrop. Competition for LNG is intensifying, particularly between Europe and Asia, while geopolitical tensions in the Middle East are raising the risk of supply disruption and renewed price volatility. So how exposed is Europe this time around? And could this crisis prove even more severe than 2022? Riichard speaks to Saul Kavonic, Head of Energy Research at MST Marquee, who warns that the current disruption could trigger a deeper global gas shock. In addition, Ole Hvalbye, Commodities Analyst at SEB Research, joins from the trading floor to break down price scenarios, storage risks, and what comes next for LNG supply. Host: Richard Sverrisson – Editor-in-Chief, Montel News Guests: Saul Kavonic - Head of Energy Research, MST Marquee Ole Hvalbye - Commodities analyst at SEB Research Laurence Walker - Deputy Editor-in-Chief, Montel News Editor: Oscar Birk Producer: Alexandra Carlon

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A New Gas Shock? is an episode from Montel Weekly by Montel News.

This episode is 43:45 long.

This episode was published on Mar 19, 2026.

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