A significant oversupply of liquid natural gas will persist for five years while China boosts local production to satisfy its own gas needs, according to the latest Morgan Stanley Blue Paper. But after 2015 supplies tighten fast.

The paper draws on the perspectives of analysts from across the firm covering energy, petrochemicals, renewable energy and utilities. Their thesis goes against consensus expectations for tightening in the markets this year. In particular they point to regional dynamics and specific investment opportunities along six major themes.