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Bloomberg
The liquefied natural gas market contracted a third month in July as countries continue to struggle with the economic fallout from the coronavirus pandemic.
Global exports of the fuel last month dropped 9.4% from the previous year, the steepest year-over-year decline since at least December 2017, according to ship-tracking data compiled by Bloomberg. The biggest cuts came from the US and Australia. On a monthly basis, exports inched up 2.5% from June levels.
The pandemic has thrown cold water on the fastest-growing fossil fuel, with demand seen possibly extending its decline through 2021. A slew of once-promising export projects are struggling to find financing as the LNG market’s breakneck expansion stalls, threatening a worse supply glut over the next decade. Royal Dutch Shell and Total are among the world’s top LNG suppliers, and have invested billions of dollars into export facilities in order to capture the fuel’s burgeoning demand.