Commodity Market Report
Global short-term LNG demand tracker (Q1 2022)
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Report summary
Balances in 2022: From a fundamentals point of view, we should expect a loosening of the global LNG market this year. LNG supply is expected to grow by 17 Mt, facilitated by the start-up of two new supply projects in the US. Meanwhile, Asian demand growth – which absorbed all the additional LNG last year – is expected to slow down. This should leave more spot LNG available for Europe for the much-needed storage refill over the summer months. What to expect in 2022: Our base case scenario assumes that Russian flows on legacy contracts continue as planned. However, there is a range of other possible outcomes, and some of them require much higher LNG imports into Europe. To achieve this, Asian utilities would have to increase coal burn, but it is unclear whether additional coal supply would be available.
Table of contents
- A slowdown in the growth of Asian LNG demand should loosen global gas balances, but risks to Russian pipeline flows are high and the situation could change quickly
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