Directional impact on forecast:
Bearish on Asia LNG spot prices
The startup of the Philippines’ first LNG terminal is set to be delayed.
The Philippines has a growing gas market, but its development has been constrained by a lack of supply. The country is dependent on the Malampaya gas field for its gas supplies, and output from the field is set to decline. The country has struggled to develop imports, in part because the economics of a potential LNG terminal have not been sound.