Commodity Market Report

Global Gas Service Highlights H1 2019: Welcome to the LNG price roller coaster!

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25 June 2019

Global Gas Service Highlights H1 2019: Welcome to the LNG price roller coaster!

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 below 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. Read the H1 2019 Global Gas Highlights for our latest views on: - When oversupply will end - Where we see demand growth in the mid to long-term - Which projects will take FID in the next wave of LNG supply - And what all this means for the LNG price rollercoaster

Table of contents

  • LNG spot prices on a roller coaster
  • The next LNG supply boom
  • Asian LNG demand – a long term growth story
  • Europe needs more gas imports - will Russia prioritise LNG as pipeline options become increasingly challenging?
  • North America – Delayed dry gas drilling and expanded low-cost resource base keep Henry Hub prices lower for longer
  • Lower Long Term LNG Prices

Tables and charts

This report includes 8 images and tables including:

  • Russia pipe and LNG imports into Europe
  • Global gas prices
  • LNG project sanction by year
  • Year-on-year LNG supply change
  • Asia LNG demand growth change (2018-2040)
  • Europe gas imports by source
  • Russia pipeline capacity to Europe
  • Global gas prices

What's included

This report contains:

  • Document

    Global Gas Service Highlights H1 2019: Welcome to the LNG price roller coaster!

    PDF 843.33 KB