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3rd edition of Annual Short Term Gas Market Report unveiled

 

The GECF is pleased to make public the third edition of the Annual Short Term Gas Market Report (ASTGMR), coinciding with the 24th GECF Ministerial Meeting in Cairo, Egypt on 25 October 2022.

The latest ASTGMR provides a sweeping analysis of the global natural gas markets in 2021 and H1 2022 as well as short-term prospects for the full years 2022 and 2023.  

The publication comes out at a time when the world is facing a multifaceted crisis, and one of the worst energy crises in history, as epitomised by the huge supply deficit and record high natural gas spot prices. 

Some of the key insights from the 2022 ASTGMR are:

  • The global economy has lost momentum due to escalating geopolitical tensions, soaring inflation and tightening financial conditions, which have affected the global gas market.
  • Underinvestment in the gas industry since 2014 has contributed significantly to current tight market conditions.
  • Gas consumption has declined in Europe, driven by a warm winter season reducing gas consumption in the residential sector and high gas prices affecting the industrial sector, which has been offset by growing gas consumption in the U.S. and China.    
  • There have been structural changes in the global gas trade, driven by a decline in pipeline gas imports to the EU from Russia and consequently growing LNG demand in the region, resulting in the shifting of LNG flows from Asia to Europe. 
  • Regional gas and LNG spot prices have remained extremely volatile, reaching record highs in August 2022, driven by supply disruptions amidst escalating geopolitical tensions.
  • Despite the current challenges facing the gas industry, natural gas has a major role to play in the global energy transition to a low-carbon future and for sustainable development.

To read the full Annual Short Term Gas Market Report, please follow this link GECF ASTGMR 2022

For top executives and individuals who may not have time to read the entire report, a short video summarising the main highlights of the report can be viewed here


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3rd edition of Annual Short Term Gas Market Report unveiled  
  1. ASTGMR 2022 Hpcover
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