Dec 26, 2025 : Gazprom supplied 38 bcm of gas to China via Power of Siberia pipeline in 2025
Russia's Gazprom supplied 38 bcm of gas to China via Power of Siberia pipeline in 2025 - Reuters
As major Egypt gas deal burns through reserves, public will end up paying the price - The Times of Israel
Fourth piece of Cheniere’s multibillion-dollar LNG puzzle crossing the finish line in Texas - Offshore Energy
EU spent less on US energy after $750bn Trump trade deal - Financial Times (Subscription)
Russian LNG production down 3.3 percent in January-November - LNG Prime
Themes of the last 7 Days.
Theme 1: Governments Are Actively Rewriting LNG Supply Optionality
- A heavy concentration of policy-driven signals, particularly in Australia, Asia, and Europe.
- Australia’s east coast gas reservation (15–25%) moved from proposal to confirmation, structurally constraining future LNG export volumes.
- Regulatory actions in Vietnam, Japan, the EU, and the US continue to influence LNG flows through permits, waivers, and compliance regimes.
Theme 2: Supply Growth Is Fragmenting — Execution Determines Winners
- Strong execution at select brownfield projects, particularly on the U.S. Gulf Coast, with trains coming online and construction nearing completion.
- At the same time, meaningful delays tied to:
- Sanctions (Russia)
- Cost overruns and technical complexity (Hammerfest, CCS retrofits)
- Legal and permitting challenges (U.S. terminals)
- Capital is still flowing, but increasingly in phased, pre-FID or equipment-lock-in structures rather than full project sanction.
Theme 3: Demand Remains Soft, Selective, and Politically Mediated
- Continued price weakness across Asian spot markets and domestic Chinese LNG pricing, despite seasonal demand.
- Evidence of structural demand erosion in Europe and China.
- Buyer behavior signaling discipline:
- Cargo cancellations and contract stress (e.g., Pakistan)
- Price sensitivity and delayed procurement
- Policy-driven demand displacement (nuclear restarts, clean power subsidies)