European Natural Gas Prices Set To Triple By This Winter

OilPrice.com: Europe May Face LNG Crisis This Winter 

* Rush to wean off Russian gas has made European consumers highly vulnerable to LNG price shocks. 

* Global LNG demand outstrips supply in 2022. 

* New LNG projects are unlikely to provide relief until 2024. 

A liquified natural gas (LNG) crisis is brewing for European countries dealing with energy insecurity in the wake of Russia’s invasion of Ukraine, as demand will outstrip supply by the end of this year, Rystad Energy research shows. Although soaring demand has spurred the greatest rush of new LNG projects worldwide in more than a decade, construction timelines mean material relief is unlikely only after 2024. Global LNG demand is expected to hit 436 million tonnes in 2022, outpacing the available supply of just 410 million tonnes. A perfect winter storm may be forming for Europe as the continent seeks to limit Russian gas flows. The supply imbalance and high prices will set the scene for the most bullish environment for LNG projects in more than a decade, although supply from these projects will only arrive and provide relief from after 2024  

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Update #1: European Natural Gas Prices To Triple In "Perfect Storm" (Zero Hedge)  

Update #2: European gas prices forecast to triple (RT)  

WNU Editor: This is a perfect storm, and what is worse is that no one sees any improvement until at least 2024. The Rystad Energy report is here .... A perfect and unavoidable storm: LNG supply crisis will make landfall in winter 2022.