In this report, we look at how cost of gas evolves over the forecast period and how this impacts our view of gas pricing. Despite the short-term bearish price outlook and global economic rumblings, LNG suppliers are still taking a long-term bullish view of gas demand. A further 35 mmtpa of LNG projects have been sanctioned since the start of 2019, yet we forecast another 25 mmtpa of LNG supply is still required by 2025 to meet growing demand. With the US set to be the largest LNG supplier in the world by the mid-2020s, Henry Hub prices will play an important role in global gas and LNG prices. In our 2019 update, our Henry Hub price forecast is down resulting in lower US LNG costs. Something about Algeria/Russia/Norway?