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LNG: New Projects to Provide Some LNG Supply Relief in H2 After Drop in Q2: IEA

LNG
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Global LNG supply dropped by around 0.5% yoy in Q2 2024, tightened market fundamentals and provided upward price pressure in Europe and Asia, but a ramp up of new projects should provide relief in H2 2024, according to IEA analyst Greg Molnar.

  • Two-thirds of the expected the global supply increase of 15bcm for 2024 is expected in H2, including Plaquemines LNG.
  • Supply in Q2 fell amid growing feedgas issues at legacy producers and unplanned outages in Australia and the US.
  • Egypt switched from exports to imports with domestic production falling almost 15% yoy in Jan-Apr.
  • Pipeline vandalism and outages at key processing plants continue to weigh on Nigeria feedgas supply.
  • LNG production in Trinidad & Tobago was limited by reduced output from aging gas fields.
  • Unplanned outages and expansion work reduced Freeport LNG output by more than 33% while Australia supply to Asia fell due to the unplanned outage at Wheatstone LNG.
  • Losses were only partially offset by the ramp-up of new projects in Africa and Indonesia, and higher utilisation rates in the Middle East.
  • More than 250bcm/y of additional LNG liquefaction capacity is forecast by 2030, but some is replacing lower LNG supply from legacy suppliers.

 

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Global LNG supply dropped by around 0.5% yoy in Q2 2024, tightened market fundamentals and provided upward price pressure in Europe and Asia, but a ramp up of new projects should provide relief in H2 2024, according to IEA analyst Greg Molnar.

  • Two-thirds of the expected the global supply increase of 15bcm for 2024 is expected in H2, including Plaquemines LNG.
  • Supply in Q2 fell amid growing feedgas issues at legacy producers and unplanned outages in Australia and the US.
  • Egypt switched from exports to imports with domestic production falling almost 15% yoy in Jan-Apr.
  • Pipeline vandalism and outages at key processing plants continue to weigh on Nigeria feedgas supply.
  • LNG production in Trinidad & Tobago was limited by reduced output from aging gas fields.
  • Unplanned outages and expansion work reduced Freeport LNG output by more than 33% while Australia supply to Asia fell due to the unplanned outage at Wheatstone LNG.
  • Losses were only partially offset by the ramp-up of new projects in Africa and Indonesia, and higher utilisation rates in the Middle East.
  • More than 250bcm/y of additional LNG liquefaction capacity is forecast by 2030, but some is replacing lower LNG supply from legacy suppliers.

 

Keep reading...Show less