Global gas fundamentals have shifted considerably in recent months. This is now creating a 'lower for longer' outlook for LNG spot pricing both in the Atlantic and Pacific and placing downward price pressure on existing and future long term contracts. Critical to this is the outlook for LNG supply and demand. The global LNG market is entering a period of extended oversupply. We expect that between 2016 and 2021 we could see up to 140 mmtpa of new LNG capacity brought onstream increasing global supply by 50% an unprecedented level of growth.