North America gas markets long-term outlook H2 2020 Highlights Report

Commodity Market Report 23 December 2020

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Report summary

As we approach 2021, early distribution of coronavirus vaccines has provided greater certainty around the pace of economic recovery. As economic growth resumes, we expect North America producers to benefit from rising global gas demand that will keep North American LNG facilities running near full seasonally-adjusted capacity levels in the near- to medium-term even as additional trains come online. The rising demand will fuel North America supply, which is not expected to reach its peak until the mid-2040s at around 145 bcfd – a 40 bcfd increase from today’s level – as we remain optimistic about the future of global LNG demand and exports out of North America. Our H2 long-term outlook forecast horizon has been extended to 2050 and incorporates energy transition themes into our forecast, such as deep renewable penetration, the rise of hydrogen and electrification in the residential and commercial sector.