LNG cargo cancellations likely in coronavirus hit market

US and other producers may shut-in and cancel LNG cargoes this year as the coronavirus-hit market deals with lower than expected demand.

Poten & Partners global head of business intelligence Jason Feer said the broker and consultant expects a surplus of 24m tonnes of LNG in 2020, up from its initial pre-pandemic forecast of an oversupplied market of 8m tonnes at the start of this year.