asia lng report from cs analyst

+ In this new report, we revisit the LNG theme in APAC, generating
a bottom-up Asian LNG demand and supply model, and conclude
that near-term demand strength will continue to support highly
correlated LNG/crude oil prices.
+ On the demand side, the Fukushima incident + under-contracted
Korea have created a material five-year supply gap. On the supply
side, Qatar stands alone in its ability to meet the majority of Asia’s
near-term shortfall, given its speculative ramp up of LNG supply in
the last 24 months.
+ Asian LNG prices will continue to firm up. Qatar will seek to
convert short-term supply into long-term contracts, while the
ongoing need for spot avails will support spot prices in the
medium term.
+ Beneficiaries are the following. In the short term: Qatar; in the mid
term: suppliers such as BG bringing ‘portfolio’ LNG to Asia;
towards the end of the decade: Chevron, Woodside, Inpex and
Origin as they sanction further LNG projects to meet Asian
demand will be the beneficiaries.