European LNG demand is likely to reach its peak in 2024. This is due to reductions in structural gas demand driven by the EU’s ambitious decarbonisation goals. 19 global liquefaction projects under construction are set to boost LNG production by circa 200 million tonnes by 2030, equivalent to half of the current yearly trade. Around 75% of the LNG import capacity added in the EU since 2022 are Floating Storage and Regasification Units (FSRUs). Source: ACER
For the past two years, there have been unsuccessful attempts to push politicians to ban Russian LNG imports. The situation has hit a stalemate, with importing Member States willing to reject Russian gas if EU-wide sanctions are applied, overruling concerns about potential gas shortages. A Russian LNG price cap policy could slash export earnings 60% on 2023 levels and leverages Russia’s huge reliance on Western owned or insured LNG tankers to force down the price of its gas exports.
This report offers a thorough review and analysis of the major trends and developments on the global gas market last year, along with short-term prospects. The global LNG trade continued its upward trajectory, with the Philippines and Viet Nam joining the club of LNG importers and the commissioning of new LNG regasification capacity reaching a record high, a trend that may achieve another milestone in 2024. Moreover, there has been a significant increase in long-term LNG contracting driven by buyers’ pursuit to ensure security of gas supply, with some contracts extending even beyond 2050. Source: GECF
After record gas prices in 2022, 2023 saw prices fall back, but they remained the second highest recorded since 2005. The total gas-on-gas priced share of LNG imports nearly doubled between 2016 and 2023 reaching just under 50% of all LNG trade.
The Northeast Asian assessed spot LNG price JKM for the previous week (15 April – 19 April) increased to high-USD...
The Northeast Asian assessed spot LNG price JKM for the previous week (8 April – 12 April) increased to mid-USD...
The Northeast Asian assessed spot LNG price JKM for the previous week (1 April – 5 April) remained unchanged at...
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