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.

ARTICLE CONTINUES BELOW

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

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

Global LNG Demand and Global Prices

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Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

While in Brazil a 10-story building takes 2 years to complete, in China a company stacks pre-fabricated modules and raises the entire building in just 28 hours and 45 minutes.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

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