Helium Turns Into Hot Trade as One-Third of Supply Disappears

Helium’s finally pulling some weight in the market. The Middle East conflict has knocked out roughly a third of global supply after Iranian strikes hit Qatar’s Ras Laffan complex, a key hub for chipmaking. Spot prices have more than doubled since the war began, quickly turning fortunes for large-scale gas operators.

• Air ProductsAPD
  is coming out ahead, climbing ~6% in the past month on stronger helium exposure and less reliance on Qatar supply.
• LindeLIN
  and Air LiquideAIQUY
  are lagging, with Air Liquide under more pressure due to its heavier dependence on Qatar.

The heavy impact: Even if tensions ease, Qatar’s helium supply won’t bounce back quickly. Repairs could take up to five years, and the supply chain already faces weeks-long delays. That’s feeding into pricing power, with Air Products CEO Eduardo Menezes noting the disruption helps renew contracts on better terms. For now, the supply’s tight, and so is the grip on pricing.