Gas Market Report, Q2 2022: Analysis

The Russian invasion of Ukraine has triggered a major security and energy supply crisis that has pushed commodity prices to new highs, with broader implications for the global economy.

The conflict has put considerable pressure on natural gas markets and has increased uncertainty in the context of an already tight market. Europe has been at the epicenter of market tensions since the start of the heating season, resulting from a combination of below-average underground storage inventory (mainly from sites partly owned or controlled by Gazprom) and a sharp drop year-on-year in Russia. pipe supplies. Lower Russian supplies have been largely offset by LNG, making Europe the premium market and drawing shipments away from Asia Pacific and other regions. The resulting restricted supply, high prices and heightened market uncertainty have led to a downward revision in global gas consumption growth, which as a result is expected to turn negative by 2022.

This new edition of the Quarterly Gas Market Report features a detailed review of 2021 gas supply and demand fundamentals, an analysis of recent developments in global gas markets during the Northern Hemisphere heating season, and an updated short-term outlook to 2022.

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