Further “green shoots” are emerging in the liquefied natural gas (LNG) market as buyers and sellers ink more long-term supply deals after a stretch of inactivity over the past two years amid a supply glut and the pandemic, according to Evercore ISI. 

Evercore analysts led by Sean Morgan said Tuesday the European Title Transfer Facility (TTF) and Japan-Korea Marker (JKM) benchmarks are up by more than 400% since they hit a low point last summer. 

As a result, the firm said longer-term sales and purchase agreements (SPA) have rebounded this year. Liquefaction projects in Australia (Scarborough LNG), Canada (Woodfibre LNG), Qatar (North Field East) and the United States (Driftwood LNG) have all landed additional offtake agreements. Chevron Corp. also inked a pair of supply...