LNG Corporate Service: 2018 in review Report

Insight 09 January 2019

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Report summary

The mood in the LNG market has improved markedly through 2018. This new-found aplomb has translated into a buying spree. Majors project sellers like Cheniere and Qatargas have completed sales to the big Asian utilities, which came back to the market in a big way. But portfolio players such as BP and Shell have been going long supply, with few deals done out of portfolio. Traders have also pursued a similar strategy, continuing to build their footprint with additional long-term offtake. Only three new projects were sanctioned in 2018, but companies have made progress on many more. Over half of contracted volumes in 2018 are tied to pre-FID projects, setting strong foundations for a big 2019. Oil-indexed deals have continued to attract buyers in Asia but popularity has shifted back to Henry Hub indexed deals too. Competition in the US has pushed Henry Hub indexed contract prices down, but oil contract slopes have edged upwards.