LNG

European wholesale gas prices fell below €30 per MWh on Monday, a level not seen since February 2024, as expectations for a Ukraine peace deal put bearish pressure on prices. The Dec-2025 TTF contract also slipped below this threshold amid hopes that the EU’s proposed ban on Russian pipeline gas could be softened.

The number of LNG vehicles on Chinese roads has almost tripled since 2019 as LNG fuel costs have fallen below those of diesel, offsetting the higher price of LNG-powered trucks. Shell China's VP Mobility, Hu Chuan pointed out “LNG has become a strategic energy pillar for China, thanks to its cost advantages and lower carbon footprint."

Midstream operators in the US have announced fresh investment in gas storage capacity to provide flexibility as the LNG build-out progresses into 2026. Enbrige just took FID on new storage facilities in Texas and Louisiana while Energy Transfer started to build a cavern storage at Bethel.

European countries’ reliance on US LNG imports comes with a risk, TotalEnergies’s CEO Patrick Pouyanne warns. Infrastructure constraints could limit how much LNG the US can actually deliver, while new US supply coming to market in late 2026 is largely uncontracted and could be shut-in if spot prices collapse.

Saudi Aramco has signed 17 preliminary agreements, valued more than $30 billion, during the US-Saudi Investment Forum in Washington. Projects include a potential investment in Lake Charles LNG, along with several equity and offtake agreements with US LNG developers as Aramco wants to secure an additional 20 mtpa in supply.

Exuberance in adding new LNG capacity makes the industry vulnerable to repeating the coal industry’s mistakes in 2010. Yet, consequences of an extended oversupply will be “more severe for the LNG industry as it is highly capital-intensive,” analysts warn.

Prime Infrastructure Capital has completed its $850 million (PHP 50 billion) acquisition of a 60% stake in First Gen’s gas subsidiaries, giving it control of the Batangas LNG import terminal and more than 3,200 MW of gas-fired capacity.

Feedgas demand at US LNG export plants is expected to rise to 40 Bcfd in the coming years, up from 18 bcfd currently, Cheniere’s chief commercial officer Anatol Feygin said.

ExxonMobil indicated the timeline of getting Golden Pass LNG project into full operation could slip into 2026, though commissioning works are already underway.

Chevron expects oil prices to face more downward pressure than LNG in 2026. Though markets are adjusting to a wave of new liquefaction capacity, Chevron CEO Mike Wirth is convinced that “LNG has stronger fundamentals [than oil].”