Abstract
Natural gas markets moved towards a gradual rebalancing in 2023,despile tighter supply fundamentals.Demand reductians in Eurapeand mature markets in Asia softened the impact of the gas supplyshock of 2022.Prices came down significantty in 2023,althoughthey remained well above their historical averages,both in Asia andEurope.
Natural gas markets are expected to see a retum to strong growth
in 2024,primarly driven by the industrial and power seclars in fast-growing economies in Asia and gas-rich courtries in Arica and theMiddle East.An expected return to average winter weather
condifions,after an exceptionally mild 2023,is expecled to supporthigher demand for space heating in the Northern Hemisphere.However,the confnued expansion of renewabkes and improwingnuckear avalabiity are likely to temper requirements for gas-firedpower generation in mature mar kets.
High inventary levels together with an improving supply outlook areproviding gas markets with some reassurance for 2024.However,geapoltical lensions,rising shipping constr aints,LNG project delaysand adverse weather conditions could renew market ten sions andfuel price volatility.Security of supply for natural gas remains a keyaspect of energy policy making and the risks related to our oulookhighlght the need to strengthen intermational co-operafion,indludingin assessing and impkemerting fhe xitilty aptions along gas and LNGvalue chains.
This ediion of the quarterty Gas Market Repart by the IntematianalEnergy Agency (IEA)provides a tharough review of marketdevelopments in 2023 and a short-erm ouflook for 2024.It alsoincudes a special spotight on greenhouse gas emissions along gassupply chains that examines emissions reduction initiativesundertaken by the largest natural gas and LNG producers andconsumers.As part of the IEA’s Low-Emissions Gases WarkProgramme,the report incudes a sectlion on palicy and marketdevelopments related to biomethane,low-emissions hydrogen ande-methane.
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