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<br /> New horizons<br /> The forces shaping the future of the LNG market<br /> Reshaping flows<br /> New LNG supplies bolster global connectivity<br /> Opening up<br /> Gas market liberalization promises future growth<br /> Liquidity lift-off<br /> Surge in LNG derivatives trading set to continue<br /> Industry perspectives<br /> Flexibility key to sustainable growth: IEA’s Birol<br /> spglobal.com/platts<br /> <br /> July 2019<br /> Lead Author<br /> Abache Abreu<br /> Lead Editor<br /> Stuart Elliott<br /> Copy Editor<br /> Alisdair Bowles<br /> Contributors<br /> Harry Weber, Ross Wyeno, Samer Mosis,<br /> Lucie Roux, Shi Yun Fan, Jeffrey Moore,<br /> J Robinson, Eric Yep, Chinmayee Atre,<br /> Masanori Odaka, Srijan Kanoi, Kenneth Foo,<br /> Desmond Wong, Luke Stobbart, Ira Joseph<br /> Design and Production<br /> Martina Klančišar, Marc Quaglia<br /> Cartography<br /> Ginny Mason<br /> Digital Content Leader<br /> Mark Pengelly<br /> Content Project<a title="New Horizons page 1" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=1"> New horizons The forces shaping the future of the</a> <a title="New Horizons page 2" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=2"> </a> <a title="New Horizons page 3" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=3"> July 2019 Lead Author Abache Abreu Lead Editor </a> <a title="New Horizons page 4" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=4"> Introduction </a> <a title="New Horizons page 5" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=5"> Who pays the bill for building a more sustainable</a> <a title="New Horizons page 6" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=6"> Executive summary Flexible supplies: Growing flexi</a> <a title="New Horizons page 7" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=7"> © 2019 S&P Global Platts, a division of S&P Globa</a> <a title="New Horizons page 8" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=8"> LNG goes global Growing flexible supplies and risi</a> <a title="New Horizons page 9" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=9"> European Hubs Boasting more than 20 LNG regasifica</a> <a title="New Horizons page 10" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=10"> Forces of change Flexible supplies Growin</a> <a title="New Horizons page 11" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=11"> Term deals Procurement trends are </a> <a title="New Horizons page 12" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=12"> Interview: Fatih Birol </a> <a title="New Horizons page 13" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=13"> Another changing link of the chain is shipping, w</a> <a title="New Horizons page 14" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=14"> Flexible supplies </a> <a title="New Horizons page 15" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=15"> Flexible supplies </a> <a title="New Horizons page 16" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=16"> Header Left Flexible supplies being urged to </a> <a title="New Horizons page 17" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=17"> Flexible supplies also backed by competitive </a> <a title="New Horizons page 18" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=18"> European hubs </a> <a title="New Horizons page 19" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=19"> European hubs QATAR INCREASES SOUTH HOOK UTIL</a> <a title="New Horizons page 20" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=20"> European hubs </a> <a title="New Horizons page 21" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=21"> European hubs After a period of relative tigh</a> <a title="New Horizons page 22" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=22"> European hubs EUROPEBALANCINGGLOBALMARKETSTHR</a> <a title="New Horizons page 23" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=23"> biggest gas consumer with demand at around 90 Bcm</a> <a title="New Horizons page 24" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=24"> Asian buyers </a> <a title="New Horizons page 25" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=25"> Asian buyers As a result, S&P Global Platts A</a> <a title="New Horizons page 26" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=26"> Asian buyers Chinese growth Of all the tradi</a> <a title="New Horizons page 27" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=27"> inexpensive and environmentally- friendly options</a> <a title="New Horizons page 28" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=28"> Financing solutions </a> <a title="New Horizons page 29" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=29"> Financing solutions The acceleration of LNG t</a> <a title="New Horizons page 30" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=30"> Financing solutions </a> <a title="New Horizons page 31" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=31"> end-users with lower risk tolerance, perhaps alon</a> <a title="New Horizons page 32" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=32"> Evolving fleet </a> <a title="New Horizons page 33" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=33"> Evolving fleet be prime candidates for spot tr</a> <a title="New Horizons page 34" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=34"> Evolving fleet LNG ships will account for an i</a> <a title="New Horizons page 35" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=35"> Evolving fleet “ LNG shipping co</a> <a title="New Horizons page 36" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=36"> Term contracts </a> <a title="New Horizons page 37" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=37"> Term contracts majors, but any increase in ba</a> <a title="New Horizons page 38" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=38"> Spot liquidity </a> <a title="New Horizons page 39" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=39"> Spot liquidity the “Seven Sisters” to the nat</a> <a title="New Horizons page 40" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=40"> Trading standardization </a> <a title="New Horizons page 41" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=41"> Trading standardization Standard MSPAs and GT</a> <a title="New Horizons page 42" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=42"> Derivatives growth </a> <a title="New Horizons page 43" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=43"> Derivatives growth Currently, the total numbe</a> <a title="New Horizons page 44" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=44"> Derivatives growth Groningen field, a lack of </a> <a title="New Horizons page 45" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=45"> Derivatives growth “ By 2</a> <a title="New Horizons page 46" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=46"> Interview: Joe M Kang </a> <a title="New Horizons page 47" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=47"> How different will LNG trading look by the middle</a> <a title="New Horizons page 48" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=48"> Shifting strategies </a> <a title="New Horizons page 49" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=49"> Oil issues The supply push coming from oil-centr</a> <a title="New Horizons page 50" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=50"> Shifting strategies </a> <a title="New Horizons page 51" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=51"> Shifting strategies being produced without a </a> <a title="New Horizons page 52" href="https://secure.viewer.zmags.com/publication/8860d6eb?page=52"> www.spglobal.com/platts | support@platts.com Head</a>