Management for New Fortress Energy Inc. expects liquefied natural gas (LNG) demand to “materially” exceed supply through 2039, saying in the third quarter 2021 earnings report that underinvestment in fossil fuels has left the global market vulnerable.

Investment in oil and gas projects, according to NFE, has dropped sharply in recent years, going from $800 billion in 2014 to $400 billion today. Meanwhile, climate-related events like a lack of rainfall in Brazil and inclement weather in China are happening more frequently and jolting the market. Global gas prices have skyrocketed this year in response. 

The trend has NFE positioned to match growing demand, particularly in underserved markets. Ongoing energy shortages in Brazil have led to emergency power measures, including...