Gas shock mounts towards economic smash

Wednesday 18 March 2026

With the news last night that Iran bombed and set ablaze the huge UAE Shah gas field, LNG prices are on the march higher across the world.

Asia is a hot spot, given its high demand, and JKM is to the moon.

Adjusted for forex, this is $28Gj in Australia, fast approaching the Ukraine War shock peak of $35, with, I hate to say, a long way to go.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.