Just a month ago, Europe was attracting most LNG spot cargoes as solid demand and fast-depleting gas inventories fetched higher prices than in Asia, where demand was lackluster. A month is a long time in today’s geopolitical order and this week the global gas market was jolted into a massive shock that upended supply and demand trends. Qatar’s halt of LNG production and the de facto closure of the Strait of Hormuz roiled Asian and European gas markets with reminders of the 2022 crisis. While Asia receives the overwhelming majority of…