ICE · Earnings call · 2026Q3T · Full report

Global Energy Market Shifts

Intercontinental Exchange, Inc. · 2026-10-29 · Importance 26 · Surprise 24

Management said Europe now imports nearly 90% of its natural gas and has rebuilt supply chains away from Russian gas, while Asia and the Middle East are establishing new supply chains following Strait of Hormuz disruptions. More hydrocarbons are traveling on more routes, increasing exposures customers need to hedge through ICE benchmarks. Independent forecasts project global LNG liquefaction capacity rising roughly 40% by 2030. Management also cited the IEA projection that U.S. electricity demand will grow roughly twice as fast through 2030 as over the prior decade, partly reflecting data center demand.

Key facts

• ICE management said independent forecasts project global LNG liquefaction capacity to increase by roughly 40% by 2030.
• ICE management said Europe entered the 2026 heating season with gas storage nearly 20% below the five-year average.
• ICE's annualized energy revenues compounded at 12% over the last decade while global electricity demand grew by less than 3% per year.
• ICE management said the European Union imports nearly 90% of the natural gas it consumes.