This year is already looking calmer than 2022 in liquefied natural gas markets, but that’s unlikely to slow the momentum for transports of the fuel. LNG prices are down sharply after a much milder-than-expected winter in Europe, the Wall Street Journal reports, with Asian LNG spot prices off nearly 67% from record highs reached last August. But Europe’s struggle to shift toward clean energy and replace lost Russian supplies will be a multiyear battle. And China’s reopening means Asian demand should remain strong, even if global trade weakens.
LNG shipping has become a growing force in seaborne trade. S&P Global says LNG imports made up 39% of combined European Union and United Kingdom gas imports last year, up from 23% in 2021. That growth should continue as Northwest European storage sites seek to refill in late spring.
