The supply growth of liquefied natural gas (LNG) on the global market is set to slow down later this year and in 2021 when the last of the new projects currently under construction will be completed, Shell said in its latest LNG Outlook 2020 published on Thursday. From the second half of this year, Asia will absorb the excess supply and Europe will stop being the ‘balancing market’ to absorb the supply growth coming from new projects in the U.S. and Australia, according to Shell, which has one of the strongest LNG trading businesses among the oil majors. “Europe absorbed the majority of 2019 supply growth as competitively-priced LNG furthered coal-to-gas switching in the power sector and replaced declining domestic gas production and pipeline gas imports,” Shell said in its outlook today. LNG imports in Asia grew modestly in 2019 compared to the previous two years due to milder […]