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Global LNG Markets May Ease Sooner Than Expected: Platts

LNG

Global LNG markets could loosen as early as 2024, according to Platts.

  • JKM prices have already eased below $10/MMBtu, despite Red Sea disruption in peak winter.
  • Analysts at Morgan Stanley forecast a slightly oversupplied LNG market in 2024 with a 4m mt surplus. The previous forecast was a balanced market.
  • Bernstein research said in 2025 that there will be a meaningful increase in LNG supply as projects in Qatar and North America ramp up.
  • Bernstein added that spot prices could remain elevated at $12-14/MMBtu until supply arrives at year end, but within the next three years could fall from $15/MMBtu to $8-9/MMBtu.
  • Citigroup saw JKM prices at $11.7/MMBtu this year in its bear case, Platts said, with its base case was $16.4/MMBtu.
  • Long term, China is expected to resume its LNG appetite, while Europe shifts to renewables, Platts said citing BoA 2024 commodities outlook.
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