Despite a 5% decline in overall European gas demand in 2020, we still expect LNG imports to Europe to grow nearly 7% year on year to reach 90 million metric tons. Most of this growth will result from the 23% growth in the first four months of 2020, import volumes through the rest of the year will remain at similar levels with 2019. At first glance, this resilience seems counterintuitive, but it reflects Europe's role as the LNG market of last resort. European forward prices for June delivery have declined to $1.8/MMBtu at the time of publication. At this price level, US LNG currently appears to be out of the money ... (full story)