Michael Smith, BP

Provides an overview of recent developments in key markets, in respect to regional supply and demand, LNG supply and demand, and price signals; in the context of the near and long term market outlooks. It is apparent that: there has been a strong gas demand recovery in major markets, although there are significant weather and fuel switching elements within this demand recovery; delayed ramp-up in LNG supply and flexibility of European suppliers have limited the impact of recession on prices outside of N. America; the near term market outlook is highly uncertain but in the medium term the market will re-balance; contrasting supply trends will dictate future LNG requirements (shale gas in N. America, European production decline, and the emergence of new LNG importers in Asia and elsewhere).

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