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Rebound in Global Summer Output Could Pressure Prices: Platts

LNG

Global LNG liquefaction levels are now back above 2023 levels, and notably, above the five-year average, according to Platts.

  • Over the past 30 days, global LNG loadings rose to 1.55 bcm/d, up 4% on the year due to stronger output from the US, Oman, Indonesia, and Malaysia.
  • Stronger US loadings are the result of a lighter maintenance cycle this Spring, particularly at Sabine Pass.
  • Capacity expansions in Oman, Indonesia, and Malaysia have also boosted output.
  • Global LNG markets may be hit by extreme weather events or worsening European supply constraints, in particular the La Nina weather pattern.
  • However, Platts forecasts that future risks cannot support prices if the supply-demand balance continues to tilt towards oversupply during the summer.
  • Forecasts suggests that a pending retracement in Asian spot prices will flip netback spreads back towards Europe by late summer, allowing for marginal US cargoes to head towards Europe.
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