Episode 982: Think Tank: Europe LNG supplies break records, but cold winter could see prices soar

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Although Europe liquefied natural gas (LNG) supply is soaring, prices could rise sharply next winter as region competes with Asia for limited volumes.   -          Spike in demand from cold winter could disrupt supply/demand balance-          Europe would have to pay premium for LNG to attract cargoes-          LNG the largest single source of gas in Europe is LNG-          LNG has risen from 5-10% of Europe supply to 38% in 2023-          Equates roughly to peak of Russian supplies-          US LNG became second largest source for Europe in 2022-          Little new LNG production globally in 2023/24 -          From 2026/7 new sources of LNG globally may push prices down-          Global supply could rise from 400m tonnes/year now to 600m tonnes/year by 2030-          High cost base in Europe is driving chemicals investment elsewhere-          Some China polymers see negative 2023 demand growth