LNG market stress to persist for years

But a supply glut could be coming later this decade

Europe’s attempts to substitute Russian pipeline gas with seaborne LNG upended the whole sector in 2022, resulting in record price spikes and significant uncertainty ahead of the heating season. Europe prepared by filling gas storage sites, reducing demand and aggressively rolling out new LNG import infrastructure. Nevertheless, there were fears the bloc would find itself short of energy, and that would likely have caused another surge in LNG prices, with knock-on effects for competing Asian buyers. Instead, the global gas markets narrowly avoided a serious supply crunch this winter, aided by milder-than-usual temperatures across the northern hemisphere and muted Chinese demand. But the gas