New York-based PIRA Energy Group believes that a tightening LNG market is in need of new supply.

According to the group’s weekly natural gas, power and coal market recap, a tightening LNG market is in need of some new supply, but such supply will be scant in the year to come.

Over the past 12 months, 11 new LNG import terminals have opened up around the world and while import capacity does not equal full utilisation, many of these buyers are either starting to draw on previously signed contracts or the spot market, thereby tightening the pool of available supply from key swing producers such as Qatar or Nigeria.

As for new supply, PIRA is showing three projects offering new LNG production in 2014.

Going forward, PIRA sees more Canadian supply to the US ahead; the new year looks ready to begin with a triple-digit Canadian year-on-year storage shortfall. A shift in focus also lies ahead in the European LNG market as it shifts from what supply can be provided, to what supply can be taken away.