Global LNG glut looms as supply surge shifts market dynamics

International Energy Agency Executive Director Fatih Birol warned that a wave of new liquefied-natural-gas (LNG) supply entering the market this year and next is transforming what was once a sellers’ market into a buyers’ market. The increased supply is expected to push LNG prices lower — a favourable development for major Asian importers. Additionally, Birol noted that power demand from data centres and air conditioning is rising, and nuclear power is staging a comeback via small modular reactors and life-extensions of existing plants.