LNG Prices in 2024: Wood Mackenzie Projects Downward Trend for Liquefied Natural Gas in Global Markets

Written by Paulo Nogueira

Published on 21/01/2024 at 20:29

Navio-tanque de GNL Pacific Breeze na Austrália (Foto: Inpex) – Todos os direitos: EPBR

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Gas Market | LNG Freight Rates Should Decrease With Fleet Growth and Global Price Reduction.

Wood Mackenzie projects that LNG prices will drop in 2024, due to high levels of storage and a mild winter in the Northern Hemisphere. This will result in relatively low global prices due to moderate global demand and limited LNG supply growth.

Weak Asian demand for liquefied natural gas (LNG) will contribute to keeping competition for LNG at low levels, according to Wood Mackenzie’s Vice President of Gas Research, Massimo Di Odoardo.

Global LNG Demand and Global Prices

The growth of global demand for liquefied natural gas (LNG) will continue to be limited, the consultancy projects.

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Expectations for the Global LNG Market

How Long Will the Stress in the LNG Market Last?

In 2023, the International Energy Agency will ease tensions on liquefied natural gas (LNG) prices between 2025/2026. A view similar to that of S&P Global.

On the demand side, the IEA estimates that, after its peak between 2011 and 2021, global gas markets will enter a new and more uncertain period – likely characterized by slower growth and greater volatility and may lead to a peak in demand by the end of this decade.

LNG freight rates should also ease with the prospect of fleet growth. Wood Mackenzie sees the risk of oversupply in the shipping sector.

‘There will be limited growth in organic liquefied natural gas (LNG) supply, and most of the U.S. LNG is expected to be directed to Europe rather than Asia, limiting shipping demand and pressuring freight rates’, Di Odoardo analyzes.

Source: EPBR

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LNG Prices in 2024: Wood Mackenzie Projects Downward Trend for Liquefied Natural Gas in Global Markets

Gas Market | LNG Freight Rates Should Decrease With Fleet Growth and Global Price Reduction.

Global LNG Demand and Global Prices

Expectations for the Global LNG Market

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LNG Prices in 2024: Wood Mackenzie Projects Downward Trend for Liquefied Natural Gas in Global Markets

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Global LNG Demand and Global Prices

Expectations for the Global LNG Market

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Four times faster than the Concorde, capable of taking passengers from New York to London in less than an hour at Mach 5.5, and with an engine that switches from turbojet to ramjet mid-flight at Mach 3.5, the Hermeus Quarterhorse went from paper to its first flight in just 19 months.

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