Argus Global LNG market view - summer 2025

Global LNG supply is slated to gradually increase in the coming months as new facilities start up and others recently commissioned ramp up exports. But whether this eventually weighs on prices may largely hinge on the Atlantic basin balance. Having lost residual Russian pipeline gas supply through Ukraine and with strong competition from nearby markets such as Egypt, Europe faces a much bigger challenge to replenish its underground gas stores, which entered April at their lowest level since 2022. Unless prices ease — potentially spurring demand from price-sensitive customers — additional supply is likely to meet weaker demand in Asia, with several markets expecting reduced downstream demand while relying with more energy supplies from other sources — domestic gas production, pipeline imports, stronger nuclear availability.

The following insight paper provides Argus' view on the key questions for this summer, such as:

• Expected ramp up in global liquefaction capacity and utilisation
• How much LNG demand may stem from key Asian markets
• Overview of European demand and storage
• Outlook for Egyptian upstream production and projected LNG supply gap
• LNG freight market set to remain overly supplied