While crude oil gets a lot of the attention—and with good reason—the situation in liquefied gas is arguably worse and deserving of more attention. Because of the war, LNG exports from the Persian Gulf have slowed down to a trickle. Now, some believe the war premium could change the long-term outlook for the superchilled fuel. Europe is badly behind on its gas storage refill because of LNG prices, in a clear example of LNG demand destruction by prices. Not everyone is equally vulnerable to the Middle East war’s impact on energy commodity demand, and gas demand specifically.