Just last year, China was the big wonder market for all gas marketers. Growth was stellar and the market potential was so big, it outshone everything on the planet. China was also the remedy for the hanging oversupply and drove a number of big oil and gas companies as well as the most reputable analysts to predict that there is no oversupply of LNG. Of course, now we know that oversupply is here, and its the most severe the industry has ever experienced. Prices in Asia have repeatedly dropped below Europe which is in itself a price desert. Was that hard to see? Nope, but when wishful thinking is in command, it is.
Find latest news from every corner of the globe at Reuters.com, your online source for breaking international news coverage.