Gastech 2025 walk & talk

I’m still assimilating the many insightful conversations and conference sessions at last week’s Gastech mega-event in Milan.

Before I left, I recorded a 30-minute walking tour of the exhibition floor while talking through some of the more pertinent topics I chewed over with friends, contacts and other delegates.

I have turned this into a video podcast episode and aide-mémoire that captures some of the details I didn’t have time to jot down. I hope it makes for a worthwhile watch, if only to get a sense of the space for those who couldn’t be there.

Key topics & takeaways

In this ‘stream of consciousness’, I discussed the following:

• How Gastech was a momentous event at a significant historical juncture
• The widening disconnect between public statements from industry leaders and market realities
• How over-investment in LNG capacity is reshaping global glut depth & duration outlook
• The multiple factors compressing transatlantic margins (as detailed in last week’s Hot Take)
• North-West Europe-TTF price dislocation as lead indicator for distressed LNG cargo pricing
• How merit order economics and cost inflation affect LNG investment attractiveness
• The history of LNG, and the difference between conventional integrated export projects vs US LNG second wave
• The political & economic implications of gas/electricity price inflation in the domestic American market
• Can US shale production growth keep up with competition for upstream gas resources (LNG vs data centres)?

Without further ado, here are the audio/video links: