Record demand from China absorbed a large part of the additional 33 Mt of LNG supply in 2017 but can it continue to support the market? We think yes for 2018, but there are limits to how quickly China can continue to add the infrastructure to take more LNG. LNG supply growth in 2018 slows a little adding “just” 27 Mt before accelerating again in 2019 to add 41 Mt in 2019 if US plants run at full capacity. Russian strategy will play a large part in if any LNG is shut-in or not. LNG market fundamentals remain similar to our last update. However, with the oil forward curve remaining high and production from Groningen in Europe now forecast lower, our analysis suggests that Russia will maximise its revenues by accommodating all LNG imports.