Global short-term LNG demand tracker (Q2 2024)

The global LNG demand growth will be driven by Asia in 2024. We have seen strong demand from key importing countries, such as China and India, since the beginning of the year. Strong economic development and softer prices were the key driving forces. Buyers from the emerging markets in Southeast Asia and South Asia have also been active in the spot market, encouraged by lower prices earlier of the year and higher temperatures as the region stepped into summer. Demand from Japan, South Korea and Taiwan remains weak, due to reasons such as slow economic growth and nuclear plant start-up. For Europe, while gas demand is anticipated to have bottomed out in 2023, the market remains well supplied and this will limit the need for LNG imports. Some procurement opportunities could emerge elsewhere in the Atlantic basin. Egypt is back to the LNG market due to declined domestic gas production. In South America, strong hydropower output and gas production will limit demand growth.