Venture Global sees global LNG prices volatility 'very short-term', CEO says

Group 1 - Venture Global's CEO, Michael Sabel, stated that the current volatility in global liquefied natural gas (LNG) prices due to the Middle East crisis is expected to be "very short-term" [1] - Approximately 20% of global LNG supply is currently offline, primarily due to the shutdown of QatarEnergy LNG facilities amid the U.S.-Israeli conflict with Iran, which has disrupted energy supplies from the region [1] - The average LNG price for April delivery into Northeast Asia is estimated at $19.50 per million British thermal units (mmBtu), a decrease from $22.50/mmBtu the previous week, which was the highest since mid-January 2023 [1] Group 2 - Venture Global plans to proceed with phase 2 of its CP2 LNG project in Louisiana, which will add another 10 million tons of LNG to the existing 4 million tons from phase 1 [1] - The company expects that both phases of the project will begin producing initial energy next year, which is anticipated to have a significant impact on fuel market prices [1]