The natural gas price in mid-2020 was at an all-time low of $1.4/MMBtu. In the autumn of 2021, a four-fold increase to $6/MMBtu was observed as Asia built stocks in anticipation of a cold winter. In 2022, after Russia invaded Ukraine, prices are close to $9/MMBtu – six times higher than the low point two years prior.
LNG shipments from the Middle East and US to Europe and Asia are at an all-time high as Central Europe is switching gas supplies from Russia to other sources. Sustained LNG demand and high natural gas prices will ultimately stimulate investment in gas field development and LNG operations.
Unlocking stranded assets for additional LNG capacity
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