New Delhi: The United States emerged as India’s largest supplier of liquefied natural gas (LNG) during May-July 2026, while imports from Qatar declined 91 per cent year-on-year, according to the latest Equirus Securities report titled “Natural Gas Compass | Monthly Edition: Consumption returns to pre-war normal.” India imported about 7.08 million tonnes (MT) of LNG during the three-month period, up 15 per cent from a year earlier. The US supplied 2.19 MT, followed by Nigeria (1.31 MT), Oman (1.22 MT) and Angola (0.80 MT), while Qatar supplied 0.23 MT. According to the report, India’s LNG import basket has shifted toward US, African and non-Qatari Middle East cargoes, reducing immediate dependence on Qatar.
The report said India’s natural gas consumption rose to 197 million metric standard cubic metres per day (mmscmd) in June 2026, up 7 per cent month-on-month and 2 per cent year-on-year, while ex-power demand increased to 176 mmscmd, nearing pre-disruption levels. LNG consumption increased to 110 mmscmd, up 13 per cent month-on-month and 10 per cent year-on-year, while domestic gas consumption remained at 87 mmscmd, taking import dependence to 56 per cent.
According to the report, the recovery was broad-based across sectors. City gas distribution (CGD) demand rose to 58 mmscmd, miscellaneous industries to 41 mmscmd, refinery demand to 15 mmscmd, fertiliser demand to 55 mmscmd, while power demand improved to 21 mmscmd. Petrochemical demand recovered to 7 mmscmd, although it remained 48 per cent lower year-on-year.
The brokerage also noted that LNG berth arrivals remained elevated at 2.4 MT in May and 2.3 MT in June, taking first-quarter FY27 arrivals to 6.2 MT. Provisional July arrivals remained healthy at 2.1 MT, despite elevated spot LNG prices.
On the global market, the report said China’s LNG imports have moved above seasonal averages after a weak start to the year, while European gas storage stood at 58 per cent, below historical averages, ahead of winter. With global LNG trade remaining broadly flat, stronger Chinese buying is increasing competition for flexible cargoes, while Asian spot LNG prices have risen above USD 20 per mmbtu.
Equirus expects India’s gas demand to remain strong in July, at levels similar to or marginally below June on softer power consumption, before moderating in August due to lower Morbi demand and seasonal softness.
Key Data from the report
India’s LNG imports (May–July 2026)
| Supplier | Volume (MT) | YoY Change |
| United States | 2.19 | +253% |
| Nigeria | 1.31 | +124% |
| Oman | 1.22 | +341% |
| Angola | 0.80 | +71% |
| UAE | 0.55 | -34% |
| Qatar | 0.23 | -91% |
| Others | 0.78 | +7% |
| Total | 7.08 | +15% |
India Gas Demand (June 2026)
| Indicator | Data |
| Total gas consumption | 197 mmscmd |
| Growth | +7% MoM, +2% YoY |
| Ex-power demand | 176 mmscmd |
| LNG consumption | 110 mmscmd (+13% MoM, +10% YoY) |
| Domestic gas consumption | 87 mmscmd |
| Import dependence | 56% |
Sector-wise Gas Demand (June 2026)
| Sector | Demand (mmscmd) |
| City Gas Distribution (CGD) | 58 |
| Fertiliser | 55 |
| Miscellaneous Industries | 41 |
| Power | 21 |
| Refinery | 15 |
| Petrochemicals | 7 |
Global LNG Snapshot
| Indicator | Latest |
| LNG arrivals (May 2026) | 2.4 MT |
| LNG arrivals (June 2026) | 2.3 MT |
| 1QFY27 LNG arrivals | 6.2 MT |
| July arrivals (Provisional) | 2.1 MT |
| Europe gas storage | 58% |
| Asian spot LNG price | Above USD 20/mmbtu |
