The Russia‑Ukraine war accelerated Europe’s structural shift toward LNG, reducing reliance on pipeline gas. The ongoing Iran–US conflict has taken this transition further, exposing the fragility of globally concentrated LNG supply chains. Disruption to shipping through the Strait of Hormuz and sustained outages at Qatar’s Ras Laffan complex have materially reduced global LNG availability, transforming markets from optimisation‑driven systems into crisis‑allocation markets.

This course provides a commercially focused understanding of how LNG markets function under stress covering liquefaction and shipping constraints, pricing dislocations, force majeure, and the strategic responses of producers, buyers, traders, and governments during periods of acute supply disruption.

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Why This Matters Now

Rather than an orderly wave of new supply, the LNG market is navigating the loss of critical Middle Eastern volumes, uncertainty around Qatar’s production capacity, and severe constraints at key maritime chokepoints. With little spare liquefaction capacity globally, price rather than volume has become the primary adjustment mechanism.

Long-term contracts are being tested under force majeure, basis risk between JKM and TTF has intensified, and geopolitical risk premiums, insurance availability, and vessel routing have become core commercial considerations. Competition for scarce cargoes has sharpened across Asia and Europe, while emerging markets face heightened exposure to price shocks and supply rationing.

Understanding LNG commercial fundamentals in a conflict-affected, supply-constrained world is now essential not just how markets work in theory, but how they behave when security, politics, and physical constraints dominate commercial outcomes.

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Course Outline

LNG Industry Overview: The global LNG value chain from wellhead to end-user; key producing and consuming regions; the structural shift from a regional to a global LNG market; major players - producers, buyers, traders, and intermediaries.

Liquefaction and LNG Supply: Liquefaction technology and plant economics; major supply projects - operational, under construction, and in development; US LNG - the role of Henry Hub pricing and tolling structures; Qatari expansion and Middle East supply; Australian, African, and emerging supply sources

LNG Shipping and Logistics: LNG vessel types and fleet economics; shipping costs and their impact on arbitrage; spot and term charter markets; port and terminal infrastructure; Panama and Suez Canal routing considerations.

LNG Receiving Terminals and Regasification: Import terminal types and economics; FSRU deployment and flexibility; key receiving infrastructure across Asia, Europe, and emerging markets

LNG Pricing Mechanisms: The main pricing indices - JKM, TTF, Henry Hub, and oil-linked pricing; how slope and S-curve formulas work in long-term contracts; spot price discovery and the role of S& Global Commodity Insights in LNG price assessment.

LNG Contract Structures: Evolution from traditional FOB/DES long-term contracts to portfolio and spot trading; destination clauses - their evolution and commercial implications; SPA structures, key terms, and commercial provisions; the role of portfolio players and intermediaries.

LNG Supply and Demand Fundamentals: Key producing regions and consuming markets, global short- and long-term gas and LNG demand and supply outlooks.

LNG Market Dynamics and Trade Flows: Supply-demand balances by region and globally; how arbitrage between basins drives trade flows; the impact of seasonal demand, weather, and demand shocks on spot pricing; European LNG demand post-2022 and structural implications.

Strategies to Manage Commercial Risks in LNG: Geopolitics, Market, and Macroeconomic risks; How producers, buyers, traders, and national companies approach LNG commercially; managing price, volume, and destination risk; Trading and Portfolio Optimization in LNG risk management.

Applications of AI in the Oil & Gas Industry: Role of AI in upstream exploration and production, midstream integrity management and emission monitoring and downstream optimization and efficiency

LNG and the Energy Transition: LNG's role as a transition fuel - the case for and against; methane emissions and the drive toward lower-carbon LNG; emerging carbon intensity frameworks and their commercial implications; LNG and competing fuels in Shipping.

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What You Will Learn On This Course

• Understand the full LNG value chain - from liquefaction and shipping to regasification and end-use markets
• Navigate LNG pricing mechanisms - oil-linked, hub-linked, and spot - and understand how contract formulas are structured and negotiated
• Analyse global LNG supply-demand balances and the trade flow dynamics that create arbitrage opportunities
• Assess LNG contract structures and the commercial provisions that determine value and risk allocation
• Understand how major LNG players - producers, buyers, traders, and NOCs - approach the market commercially
• Evaluate LNG's role in the energy transition and how carbon intensity is becoming a commercial consideration

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Who Should Consider Attending This Course

Commercial, trading, business development, finance, and strategy professionals across LNG producers, buyers, traders, shipping companies, utilities, financial institutions, and advisory firms who want a rigorous, commercially grounded understanding of LNG markets.

This course is ideally suited for anyone who wants a a rigorous, commercially grounded understanding of LNG markets.This could include:

• Commercial, trading, business development, finance, and strategy professionals across LNG producers
• Shipping companies
• Utilities
• Financial institutions
• Advisory firms

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