In the second year of what is projected to be the largest global LNG supply wave, market dynamics remain on track despite facing some regional export capacity start delays in 2026, particularly in the US, Canada, and Australia. Samantha Dart, Goldman’s head of Global Commodities Research, has emphasized that the wave is set to last seven years, sparking a lengthy bearish cycle for European natural gas and LNG, likely hitting a low in 2028-29. The surge in supply is largely driven by the United States, which, despite disruptions, is leading with rapid ramp-ups in liquefaction project outputs. Analysts expect that by the end of the decade, the excess supply will surpass Asia’s demand growth, potentially causing European storage congestion and necessitating temporary cutbacks in US LNG exports to address the imbalance.
Global LNG supply wave enters year two, US ramps up capacity
