Natural gas prices have plunged as the world grapples with an oversupply after a warmer-than-expected winter.
The recent heyday in liquefied natural gas boosted prices and profits, spurring a wave of investment in the sector. Over 150 million tonnes per annum worth of LNG capacity is currently under construction, marking a"record wave of expansion," Morgan Stanley said in a recent note. For a market that currently stands at over 400 mtpa, this represents a"significant supply growth."
"Global natural gas prices have been trending downwards owing to mild winter conditions experienced in the Northern Hemisphere regions like US, Europe and North Asia," Zhi Xin Chong, S&P Global's head of emerging Asia gas and LNG markets, told CNBC.The resulting higher-than-average storage levels has had a"major impact on prices" which have been trending downwards since October, he added.hit an all-time low in February at $1.
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