LNG

Thailand's state energy company PTT is expanding its LNG portfolio, seeking to emulate Cheniere Energy’s flexible LNG shipping model as LNG benchmark prices have fallen to $9-10 per MMBtu, down from $12 in 2025. Analysts at Bernstein note that price-sensitive buyers like Thailand would import substantially more LNG if prices fall below $8/MMBtu.

Fitch Ratings has revising down EBITDA margins for global corporates to below 18%, down 0.5pp from forecasts in early 2025. For the oil & gas sector, Fitch changed its outlook from ‘neutral’ to ‘deteriorating’ after the rating agency already cut its global GDP growth projections in April due to the uncertainty surrounding US tariffs.

Global energy investment will reach a record $3.3 trillion this year – despite escalating geopolitical tensions and related economic uncertainty, the International Energy Agency (IEA) finds. China cements its position as the world’s single largest investor in energy.

Burning LNG to balance renewable energy is ‘key’ to exit coal-fired power generation in Asia, a new study by S&P Global Commodity Insights finds. The average lifecycle carbon intensity for LNG sourced from Australia, the US and Qatar and used for electricity production in the study countries was 47% lower than for coal.

Trump trade policies could deeply impact global gas markets: “His opening salvo in a US-China trade war has been fired, with 10% tariffs on Chinese goods and retaliatory 15% tariffs on US LNG, while his stance on Russia remains unclear," Rystad Energy commented. Closer to home, Trump's 10% tariff on Canadian gas drives up prices, squeezes profit margins of smaller producers and could potentially lead to production cuts and delayed investments.

Spot and forward LNG prices indicate the supply/demand balance will tighten in December and going into the first quarter of 2025. Following two exceptionally mild winters, markets are currently well supplied at relatively low prices, analysts said, hence a prolonged spell of cold temperatures could squeeze the balance substantially and cause price spikes.