Global gas and LNG prices have been rallying ahead of this winter supported by high coal prices and booming LNG demand in China and India. With global LNG supply increasing by more than 10% in 2017 we expect LNG prices will soon come under pressure, despite increasing oil prices. But while an oversupplied global gas/LNG market remains inevitable for the next years, our H2 2016 update is for a tighter global gas market post 2019. Higher Asian LNG demand, lower European domestic production and higher coal prices, all combine for higher LNG prices, particularly in Asia. We outline the levers, and the risks, in this short note.