Oversupply likely out to around 2020 but this will be managed by lower utilisation, FID delays for new projects, slower ramp-ups
Prices to remain depressed but potential for US LNG to act as cap to prices if oil market recovers
Large volumes of US LNG held by portfolio players. Volumes are free destination and so will be driven by arbitrage
Pricing of LNG will become more flexible, shorter-term contract terms, more frequent break clauses
European demand looks unlikely to be a significant driver unless gas in transport takes off or carbon prices rise significantly (unlikely for now)
Middle East and Latin America look likely to be the key markets for US LNG in near term.