India gas demand climbs to 197 mmscmd in June as LNG imports rise despite Qatari collapse
Consumption rose 7 per cent month-on-month even as spot Asian LNG held near $21 per MMBtu, setting up renewed competition with China and Europe.
India's natural gas consumption rose to 197 million metric standard cubic metres per day in June (2026-06), up 7 per cent month-on-month and 2 per cent year-on-year, according to Equirus Securities. The recovery came alongside a 15 per cent year-on-year increase in LNG imports during May through July (2026-05 to 2026-07), reaching around 7 million tonnes despite a 91 per cent collapse in volumes from Qatar.8
The June rebound puts India back into direct competition with China and Europe for spot LNG, just as charter rates have begun strengthening in anticipation of higher Asian demand. Vortexa analysts noted in late May (week of 2026-05-25) that LNG charter rates were rising as traders sought to preserve optionality ahead of stronger Asian buying. Asia accounts for over 80 per cent of global LNG deliveries.1,8
That demand recovery occurred even with ICE JKM Asian LNG front-month trading at $21.11 per million British thermal units at Friday's close (2026-08-08), more than seven times NYMEX Henry Hub front-month at $2.66 per MMBtu. ICE Endex TTF front-month stood at €55.50 per megawatt-hour the same session. [live prices]
Before the Iran conflict erupted in March (2026-03), India was sourcing almost 60 per cent of its LNG imports from the Middle East, according to S&P Global data cited by Oilprice. The destruction of Qatar's LNG Trains 4 and 6 at Ras Laffan Industrial City removed roughly 12.8 million tonnes per annum of capacity. Industry assessments in May (2026-05) suggested repairs could require three to five years. Wood Mackenzie estimated India faced an LNG shortfall of around 1.5 million tonnes per month in July (2026-07).6,2,4
China is driving parallel demand growth. Chinese and Indian electricity consumption is forecast to rise 5.5 per cent and 7 per cent respectively this year, according to Asian Power analysis published in late July (2026-07-26). Weaker hydropower generation in northern China has forced additional coal and gas burn, analysts at Equinor told Bloomberg in late May (week of 2026-05-25).7,1,3
Europe entered the disruption in a weaker position than Asia. LNG accounted for more than 40 per cent of European gas supply during the 2025-26 winter, leaving the continent vulnerable when Hormuz shipments halted. Helge Haugane, senior vice president for gas and power at Equinor, said in late May (week of 2026-05-25) that Europe was struggling to refill storage to acceptable levels. "For every day this conflict continues, it becomes more and more critical," Haugane said. A month earlier, in early March (week of 2026-03-02), Europe had been attracting most spot cargoes on higher netbacks than Asia.2,1,5
Wood Mackenzie expects Asia-Pacific LNG demand to recover to 279 million tonnes in 2027 and reach 297 million tonnes by 2028 as geopolitical risk subsides, new regasification infrastructure comes online and structural demand growth resumes. But the pace of that recovery depends on Chinese and South Asian rebound timing, nuclear restart schedules in Japan and South Korea, and the speed at which Southeast Asian economies expand their gas infrastructure.4
One wildcard is Russian LNG. Equirus noted that as Europe legally phases out Russian LNG from 2027, discounted Russian cargoes seeking alternative destinations could add further diversification options for Asian buyers. That would ease some of the competitive pressure but depends on how quickly buyers can secure long-term contracts and whether infrastructure can be redirected.4
The structural shift in LNG trade flows remains unresolved. Wood Mackenzie characterised the market disruption as prolonged rather than transitory, a view echoed by Vortexa's charter-rate analysis. India's ability to sustain its June (2026-06) consumption levels without incurring prohibitive spot-market costs will depend on how quickly alternative supply routes can scale and whether summer cooling demand in China proves as strong as power-sector forecasts suggest.1,2