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Gas and LNG: why 2021 will be a defining year

Saturday, 16 January 2021 | 01:00

What are the key trends for global gas and LNG in the year ahead?
2021 will be a milestone year for the gas and LNG industry. Not only because record high LNG prices will prompt buyers to evaluate their portfolio positioning, but also because the role of gas in the energy transition will really start to take shape.

Policy-makers will need to provide clarity on how they intend to decarbonise their economies – including their vision of the role of natural gas – in line with pledges to achieve climate neutrality. Meanwhile, gas players must show their commitment to decarbonising natural gas, through, for example, CCUS and blue hydrogen.

So, what are they key themes and trends to look out for in the year ahead?

Our team of global experts have come together to share their predictions for 2021, across five themes:

• How the January cold spell has shifted market dynamics in 2021
• What will Asian LNG buyers do?
• Moment of truth for gas and its role in the energy transition
• A new frontier to decarbonise natural gas
• Biden administration: sweeping changes unlikely, but aspirations start from day one

2021 will be another transformative year for the European gas market. How will the energy transition shape long-term demand? What’s the likely impact of Turkey’s giant Sakarya gas discovery? What’s our prediction for prices in the region? And will a Maghreb transit deal be agreed?

North America
Following a tumultuous 2020 that saw Henry Hub gas prices fall under US$1.50/mmbtu, what will 2021 look like for North American gas markets? Our experts pick out five things to look for in 2021, from Haynesville production growth potential to West Coast LNG projects in the limelight.

Southeast Asia
Southeast Asia’s LNG demand remains relatively resilient as countries assess their optimal portfolio between LNG and imported pipeline supplies. We expect recovery in both gas and LNG demand – but what will that recovery path look like? Will we see gas price reform? And which new players and technologies will influence the market in 2021?
Source: Wood Mackenzie

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