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mckinsey-reflection-on-2021-global-lng-and-european-pipeline-flows
mckinsey-reflection-on-2021-global-lng-and-european-pipeline-flows

McKinsey: Reflection on 2021 global LNG and European pipeline flows

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For liquefied natural gas (LNG) markets, 2021 was another unprecedented year. After the volatility, uncertainty, and record-low spot LNG prices caused by the Covid-19 pandemic in 2020, the LNG market moved in the opposite direction in 2021. 

A combination of economic recovery, European concerns about the security of supply, and operational challenges at several major liquefaction facilities sent prices to all-time highs. The average spot price for LNG in Asia in 2021 was $17.9 per metric million British thermal units (MMBTU), up 435% from the 2020 figure of $4.1 per MMBTU1.These factors combined to make 2021 a year of unpredictable challenges, particularly for LNG buyers.

In this article, McKinsey Company assess the implications of key LNG supply and demand trends in 2021, changes in LNG purchasing patterns, and European gas market fundamentals, including pipeline supplies and storage.

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