Asian LNG imports increased at a record pace up to June 2017. With abundant supply and Asian LNG prices soft relative to coal, the market for Asian LNG buyers has rarely been better. Elsewhere, Egyptian gas production has taken the wind out of the sales of Middle East demand growth. LNG imports into Europe are increasing and this will need to continue, with all the new LNG supply coming on-stream. Global LNG supply will exceed 290Mt in 2017. The ramp-up of new trains in Australia and USA, plus new feedgas in Trinidad, Oman, Angola and Egypt will support further growth into 2018. We expect LNG over-capacity to exacerbate in 2019 and US offtakers will turn to the European market on a greater scale to place volumes. US utilisation will come under pressure as Russia defends market share.