Global gas prices plunged in May. European gas demand has failed to respond so far, particularly in the industrial sector, propelling prices into the $7-8/mmbtu range. Demand in emerging markets has already started to respond to declining prices – India, Thailand, Pakistan and smaller Southeast Asian markets. However, above-average storage levels and mild temperatures in Japan and Korea have kept LNG demand and the need for injection muted. China’s GDP growth rebounded in Q1 but growth in industrial sector remains below expectations.