For this year-end letter, to mark the recent 10-year anniversary of the first commercial LNG cargo from the U.S. Gulf Coast, we had prepared a brief review of the U.S. LNG industry which, even after a decade of extraordinary growth, remains on course to double output by 2031, further extending U.S. dominance of the global LNG market. “Events, dear boy, events” 1 : however, at a stroke, the Middle East conflict has cut off 20% of global oil and LNG supply, a swift reminder of