April 2014 highlights

• North America will struggle to replenish its heavily depleted storage to levels at the start of the 2013/14 withdrawal season leaving it vulnerable to supply constraints next winter
• Demand for imported gas and LNG will remain high in Brazil and Argentina this year despite monetary tightening measures and subsidy reductions
• Ongoing drought in parts of Brazil together with the approach of the southern hemisphere winter will maintain tightness in the global LNG market during Q3 2014