In a context where US President Donald Trump's energy policies and tariffs will be closely monitored, the demand for liquefied natural gas (LNG) promises. The global LNG market may remain tight this year, as growing demand from Europe is intensifying competition with Asia and offsetting the new

European LNG demand is expected to increase by more than 14 million tons to 101 million tons in 2025, according to consultancy Energy Aspects, as the continent fills its gas storage facilities and replaces supplies lost after the expiration of a gas transit agreement between Russia and Ukraine at the end of last year.

“Europe's need to restock its stocks, after a colder winter and further cuts in Russian supplies, will see it compete harder for cargoes than last year,” said ICIS analyst Alex Froley.

European storage facilities are around 17 billion cubic meters (bcm) lower than in the same period in 2024, while the loss of Russian gas flows via Ukraine has removed 15 bcm per year of supply, he estimated.

“There is enough flexible LNG on the market to cover this need, but that comes at a price,” Froley said.

According to Energy Aspects and Kpler, rising spot prices could slow LNG demand growth in Asia to just over 2% this year, up from 6% in 2024, when heatwaves boosted cooling needs, bringing demand in 2025 to around 280 million tons.

Rabobank forecasts average LNG spot prices in Asia of $12.65 per million British thermal units (MMBtu) this year, up from $11.97/MMBtu in 2024

LNG shipments to China, the largest importer, are expected to reach new highs of 79 to 86 million tons as long-term contracts take effect and new terminals come into service.