On Thursday Cheniere held its first quarterly earnings call since the war with Iran began. As the war has restricted the amount of LNG from Qatar that is able to reach the global market, it has made Cheniere’s LNG export facilities in Sabine Pass and Corpus Christi more profitable. As the firm noted in the graph below, futures for global benchmarks for natural gas have risen tremendously since the conflict began in late February, while Henry Hub futures have scarcely budged. The JKM forward curve for the remainder of 2026 is more than $4.00/MMBtu higher than it was in late February, represented by the leftmost black bar in the chart. The yellow bar representing TTF change and the light-blue bar showing Brent change are also large, showing a major increase in those prices. Meanwhile, the dark blue bar representing Henry Hub futures is only slightly higher for 2026 and almost completely flat for the following years, showing little impact from the start of the war.
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