Gas and LNG in 2025: a commodity trader’s guide

The market is grappling with a structural deficit of gas in 2025. Gas prices are high, and several countries are experiencing significant swings in demand. What factors will shape the gas and LNG markets as 2025 progresses?  

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LNG supply: A new era of growth 

After a quiet 2024 in which global LNG supply stayed almost flat, a new wave of global supply growth has already started in 2025.   

Phase 1 of the Plaquemines LNG project in Louisiana has been ramping up at a record pace and Train 4 at Cheniere’s Corpus Christi Stage 3 in South Texas produced its first cargo in February 2025.   

Supply growth will further accelerate in H2 2025. Blocks of Phase 2 of the Plaquemines LNG project are being installed, with commissioning expected to start from late summer. Commissioning activity is also progressing at the LNG Canada export terminal in Kitimat, British Columbia, with first cargo expected in Q3 2025.   

As 2026 progresses, further projects are due to come online, including the Golden Pass LNG export project in Texas, Costa Azul in Mexico, the Qatar North Field East project and the expansion at Pluto LNG in Western Australia.  

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This report delivers key charts and insights on global LNG supply growth, demand by region, and more.

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