Argentina hunts for LNG imports for Winter in war-wrecked market

Argentina is looking to purchase liquefied natural gas cargoes for its upcoming winter heating season, adding demand to a market already squeezed by the war in Iran.

State-run Energía Argentina SA is considering buying as many as 20 LNG cargoes through October for the Southern Hemisphere winter, according to traders familiar with the matter. Last week the company, known as Enarsa, requested to buy three cargoes for the second half of May. Earlier this month the firm purchased its first cargo for the year. Winter in the region begins in May and typically goes through September.

A spokesperson for Argentina’s energy department, which directs Enarsa on its fuel procurement, didn’t respond to a request for comment.

Traders are closely monitoring any demand for LNG as supply from Qatar and the United Arab Emirates has been throttled due to the effective closure of the Strait of Hormuz and damage to Qatar’s Ras Laffan export facility in March. Argentina’s heating consumption comes at a time when Asian and Northern Hemisphere buyers are snapping up the fuel to replace disrupted supplies and cover peak summer cooling needs.

Argentina’s LNG imports have been on the decline for several years as drilling ramps up in the Vaca Muerta shale patch and as pipelines are being built to transport gas to industrial and residential centers.

In the longer term, Argentina is set to become an LNG exporter, but it may still need some imports to meet winter usage spikes. Enarsa imported 24 LNG cargoes in 2025, from April through August, according to ship-tracking data compiled by Bloomberg.

While choked-off supply from the war stands to push up prices for Argentina in the upcoming bids, the impact on the country’s energy trade balance is expected to be offset by higher proceeds from shale oil exports.