Even under Wood Mackenzie's most favorable scenario, which assumes Qatar's production capacity is fully restored by the end of September, European storage facilities would be only 75% full by November 1. That is well below the 90% average recorded over the past five years.

The outlook could deteriorate further if disruption in the Strait of Hormuz continues for another two months. In that case, European storage levels would remain below 70%, increasing the risk of additional price rises and placing particular pressure on emerging Asian economies, which are less able to absorb high liquefied natural gas costs.

According to Massimo Di Odoardo, vice president of Gas and LNG Research at Wood Mackenzie, three factors will continue to support elevated prices: low European inventories, robust Asian demand and limited growth in new global LNG supply.

The tight market is expected to persist until at least 2027, partly because Qatar's new export facilities will not become fully operational before the second half of next year.