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Gas Market Report, Q3 2024

AI智能总结

Global Gas Markets: Growth and Fragility

First Half of 2024: Global gas demand increased by 3% year-over-year (y-o-y), significantly above the historical 2% average growth rate between 2010 and 2020. This growth was primarily driven by higher industrial gas use and strong demand in Asia, particularly in China and India.
Fragile Outlook: Despite the strong growth, the outlook remains fragile due to geopolitical tensions and supply disruptions. LNG production underperformed in the second quarter, leading to increased price volatility.
Key Data Points:
- Gas Demand: Global gas demand is forecast to increase by 2.5% in 2024, with Asia accounting for about 60% of the increase.
- LNG Supply: Global LNG supply decreased in the second quarter, marking the first quarterly decline since 2020. Year-on-year growth was 2%, or around 6 bcm.
- Prices: Gas prices increased across key markets in the second quarter, with Henry Hub prices rising by almost 70% between March and June.
Industry Impact: Industry emerged as the most significant driver of global demand, with gas use in the power sector growing by only 2% y-o-y. Declines in Europe partially offset growth in fast-growing Asian markets and gas-rich regions.

LNG Supply and Demand: LNG supply growth was lackluster in the first half of 2024, with a mere 2% increase year-on-year. The United States is expected to provide the majority of new export capacity through expansions and new plant operations.
Geopolitical Factors: Geopolitical instability, particularly tensions around Russian piped gas supplies to Europe, fueled price volatility and uncertainty.
Medium-Term Outlook: Low-emissions gas supply is expected to more than double by 2027, driven by policy support in Europe and North America. However, further efforts are needed to fully realize this potential.

This report provides a comprehensive overview of the gas market dynamics and highlights the critical factors shaping future trends.