In Q1 2025, US LNG projects awaiting final investment decisions (pre-FID) failed to secure a single long-term contract, marking a first since 2021 despite favorable policies. Rising construction costs, higher Henry Hub prices, and concerns over a looming global supply glut have left buyers hesitant. Meanwhile, Qatar is capitalizing on low-cost, oil-linked deals to lock in market share. This episode dives into the reasons behind the US slowdown and examines whether this pause signals a shift in the global LNG market’s dynamics.