RE:Malcom, you did talk about LNG displacing nuclearCertainly in North American de-regulated electricity markets that is the case...although that is not LNG but piped gas (cheaper than LNG). It is a stiff competitor for nuclear but also for coal. What has really changed the game as far as gas use for electricity generation has been the development of shale gas resources aswell as co-generation faciilities which use about half as much gas for the same power output. However drawing off large volumes of gas into liquefaction facilities for export may change that picture and push the price of gas upwards. I was very interested in the LNG transport across the Arctic from Russia. Not convinced it is a real game changer...at least not yet as the volumes are small...but it certainly could be in the future. Russia has and will continue to use its energy resources as political influencers but the USA is a direct competitor in the LNG arena with Russia...perhaps another reason why they would want to jack up the price of Uranium....to make US nuclear plants less competitive so they will use more gas and have less available for export. Just thinking out loud there but I think there are such enourmous volumes of gas available that it probably will make no difference. Interesting times when both Russia and the USA use energy as a political weapon.
Likely we have seen the end of the Middle East dominance in the gas and oil markets.
Malcolm