Liquefied natural gas supplies from the Persian Gulf remain over 75% below pre‑February levels, pushing European gas benchmarks above €81/MWh and driving Asian spot LNG prices past European levels. With coal priced roughly 80% cheaper than LNG, the International Energy Agency now projects record‑high coal demand for the year, even as climate regulations and plant closures continue. The backdrop includes a new war sparked by U.S. and Israeli strikes on Iran, further disrupting gas trade and tightening the market.
The cheaper coal outlook eases electricity costs for energy‑intensive operations, notably cryptocurrency miners, potentially boosting hash‑rate and supporting mining equities. However, heightened geopolitical risk and volatile LNG pricing keep broader energy sentiment cautious, weighing on commodity markets and any crypto assets tied to energy cost assumptions.