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Global short-term LNG supply tracker (Q2 2021)
Report summary
Global LNG supply is expected to grow +20 Mt (+5.4%) in 2021. Year-on-year supply growth in April was the highest in a year, broadly on par with March output. Despite strong output, disruptions remain at their highest level in years. Recent under-performance include Peru LNG, Tangguh, North West Shelf (in addition to ongoing issues at plants including Snohvit, NLNG and Trinidad). With the US now accounting for a fifth of global output, bad weather-related disruptions could start to be a recurring feature impacting the global balance – something to watch out particularly during Q3. The summer maintenance season has also kicked off and will be stronger than last year over Q2-Q3 due to some delayed turnarounds from last year. Overall, these planned and unplanned disruptions are reducing spot cargo availability and contributing to sustaining prices at a high level.
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Focus turns to unplanned outages and maintenance for this summer
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