Low oil prices: impact on global gas and LNG

Table of contents

• Executive Summary
• Demand
  • Global gas demand growth is less assured when oil prices are low
  • while high City Gate gas prices in China is particularly poor for gas demand
• Costs
  • A quick reduction in gas development costs is not a global phenomenon
  • but we are seeing lower upstream costs in North America .
  • while a structurally depreciated Russian Rouble could push down the global gas cost curve
• Supply
  • LNG linked to Henry Hub has become less attractive with lower oil prices
  • while battered balance sheets are forcing the deferral of projects and seeding a new tight market
  • in which a second wave of US LNG will again feature when oil prices rise
• Conclusions

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