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.