After a tumultuous year in which spot LNG prices swung from record lows to record highs and billions of dollars of final investment decisions were postponed, what will 2021 bring? The looming wave of capacity expansion is set to be the biggest ever with the recent FID on the Qatari mega-projects adding to the record level of sanctioning in 2019. How will this wave affect global gas markets—and returns on project investments—in the years ahead? Complicating matters, while underlying fundamentals suggest that the surplus conditions that characterized much of 2020 will likely still be in play, this outcome is not guaranteed. Participants face the challenges of making investment and contracting decisions at an uncertain stage of the cycle, as well as a greater focus on capital discipline.