Gas Crisis Dwarfs Oil Shock as LNG Supply Breaks

Major disruptions in Qatar (15% of global LNG) and Australia have triggered a severe natural gas shortage, far worse than the oil shock. Gas prices have spiked sharply (Asia +143%, Europe +85%), with physical availability becoming a bigger issue than pricing. Countries are reverting to coal, Europe faces energy security risks, and rising gas costs could drive fertilizer shortages and food inflation.