Gas and LNG in H2 2025: a commodity trader’s guide

The market is grappling with a structural deficit of gas in 2025. Gas prices are high, and several countries are experiencing significant swings in demand. What factors will shape the gas and LNG markets as 2025 progresses?   

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LNG demand growth  

Global LNG demand patterns have shifted dramatically in 2025, with Asian imports falling sharply and Europe attracting incremental cargoes.  

China's LNG imports, which have been the primary driver of weak Asian demand, have bottomed out at the contracted level in H1. The challenging macroeconomic environment, under-performing sectoral demand, and high prices will continue to limit upside in H2. A cold winter, however, could tighten the global gas market.  

South and Southeast Asian markets remain largely priced out due to elevated spot prices, while the Japan-Korea-Taiwan (JKT) region continues to show robust LNG import levels. This is largely due to underperformance in other energy sources - particularly nuclear and coal - and, more recently, increasing summer temperatures.   

Elsewhere, markets like Egypt are poised for a surge in LNG imports in Q3. However, the slow pace of Floating Storage Regasification Unit (FSRU) deployment has so far limited the increase in summer imports.  

Meanwhile, Europe continues to attract significant LNG volumes to replenish its underground gas inventories. Gas storage reached 58% at the end of June - still 13% lower than the 5-year average. Nevertheless, Europe is on track to comfortably meet its revised storage target of 83% by the end of October.  

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This report delivers key charts and insights on global LNG supply growth, LNG Canada, and more. Fill in the form above to access your copy.