The European LNG market is expected to be transformed over the next five years driven by rapid growth in global LNG supply. We forecast global LNG supply to grow by 35% to 353 mmtpa by 2020 as Australian and US LNG projects are brought online. In addition, legacy suppliers such as Nigeria and Trinidad will re-route flexible LNG volumes back to the Atlantic Basin. As a result, European LNG imports are expected to grow to 75 mmtpa by 2020, sending the market into oversupply. However, in an oversupplied market, some US LNG projects may be unable to cover the cash costs of delivery to Europe, especially in the summer, potentially leading to lower utilisation.