We have downgraded our long term and short term outlook for gas demand across the Southern Cone of South America as a result of weakening economic fundamentals (long term) and improving hydro conditions (short term). Notwithstanding a lower outlook the region is likely to become more dynamic and offer new opportunities to market players. Since 2015 the Southern Cone has been stage to drastic political shifts as a new political paradigm of lesser government intervention has emerged. Performance will vary widely across the different markets. To take advantage of the disparate performance over the different time periods the region is moving towards greater energy integration.