Commodity Market Report

Global gas markets long-term outlook H1 2019: Executive Summary

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22 July 2019

Global gas markets long-term outlook H1 2019: Executive Summary

Report summary

The much anticipated LNG oversupply has finally materialised. With 38 Mt of new LNG supply this year, there was always going to be too much for the market to absorb. European prices have crashed as a result, dragging Asian LNG prices down too. And with European hub prices now trading at US$3.5/mmbtu, the market is very finely balanced making the risk of US LNG under-utilisation a reality. Post-2020 the market will change quickly. A lack of LNG investment decisions from mid-2015 to mid-2018 means that over 2021 to 2024 there will be limited LNG supply growth. But despite current low price, momentum behind new LNG projects continues unabated which will drive another influx of new supply in 2027 and set off a new price cycle. See our H1 2019 Executive Summary slidepack to understand the key dynamics in the market and their impact on the LNG price roller coaster

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    GGS Executive Summary H1 2019.pdf

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