Abstract
Pressure on the European and global gas markets has eased since
the beginning of 2023 due to favourable weather conditions andtimely policy actions. By the end of Q12023 European hub andAsian spot liquefied natural gas (LNG) prices had fallen below theirsummer 2021 levels, albeit remaining well above their historicaverages. The steep decline in natural gas demand reduced theneed for storage withdrawals in Europe and the United States overthe 2022/23 winter. As a result, storage sites dosed the heatingseason’ with inventory levels standing well above their five-yearaverage. This is expected to reduce injection demand during thesummer of 2023, and potentially ease market fundamentals
The improved outlook for gas markets in 2023 is no guaranteeagainst future volatility and should not be a distraction frommeasures to mitigate potential risks. Global gas supply is set toremain tight in 2023 and the global balance is subject to anunusually wide range of uncertainties. These include adverseweather factors, such as a dry summer or a cold Q4, lower
availability of LNG and the possibility of a further decline in Russianpipeline gas deliveries to the European Union
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