March 2014 highlights

• High demand for gas in Brazil and Argentina in Q2 and Q3 2014 will increase their reliance on imported LNG, and will keep the spot market tight
• Year-on-year increases will be seen in spot LNG prices in Latin America in Q3 2014, driven by high gas demand from within the region and Northeast Asia
• Severely depleted gas storage levels in North America will take time to replenish, which may create supply issues during the northern hemisphere spring