Europe’s gas pivot and Asian demand boost global midstream
Europe has been hastily building out LNG and pipeline capacity since Russia’s invasion of Ukraine, while demand is rising in Asia
Global midstream markets continue to face near-term headwinds and economic uncertainties, but Europe’s rapid transition from Russian energy and projected higher demand in Asia continue to drive midstream expansion in those regions and those that supply them. While macro trends continue to favour growth in gas demand and infrastructure development, several factors have combined to depress pricing and threaten production growth during a period of shifting global trade. A milder-than-expected winter and unprecedented European conservation efforts have led to high gas storage levels in both Europe and the US, contributing to a significant sell-off in gas prices during the first half of the year.
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