Global demand for natural gas is climbing, driven by its growing role in power generation and industrial use. Meanwhile, supply remains disrupted after the Strait of Hormuz effectively closed in February 2026, cutting off roughly a fifth of global LNG, making the market one to closely watch. Unlike oil, which trades in a single global market, gas splits into markets that can move independently. In this report, we explore the drivers and dynamics of the regional markets and the implications for investors.