ConocoPhillips, Woodside see weak LNG prices as short-term issue

Liquefied natural gas producers ConocoPhillips and Woodside Petroleum expect prices for the commodity to pick up in the short term, pulling away from three-year lows that were hit after a mild northern hemisphere winter.

“We just came out of a mild northern hemisphere winter. We believe that demand growth will absorb the current supply excess that exists in the market today,” he said. “We always thought 2019, 2020 would be difficult trading years with respect to the spot market,” he said. “That is a concern for me, because that signals ... that everybody’s seeing that same thing that we’ve been talking about, which is that the market will start to tighten in 2023-24, and they’re just holding back selling their volumes until the market tightens,” he said.

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