Gas Market Report, Q1-2024The IEA examines the full spectrum of energy issues including oil, gas and coal supply and demand, renewable energy technologies, electricity markets, energy efficiency, access to energy, demand side management and much more. Through its work, the IEA advocates policies that will enhance the reliability, affordability and sustainability of energy in its 31 member countries, 13 association countries and beyond. This publication and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.Source: IEA. International Energy Agency Website: www.iea.org IEA member countries: Australia Austria Belgium Canada Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Japan Korea LithuaniaLuxembourg Mexico Netherlands New Zealand Norway Poland Portugal Slovak Republic INTERNATIONAL ENERGY AGENCY Spain Sweden Switzerland Republic of TürkiyeUnited Kingdom United States The European Commission also participates in the work of the IEAIEA association countries: ArgentinaBrazilChinaEgyptIndiaIndonesiaKenyaMoroccoSenegalSingaporeSouth AfricaThailandUkraine Gas Market Report, Q1-2024 PAGE | 1 Abstract IEA. CC BY 4.0. Abstract Natural gas markets moved towards a gradual rebalancing in 2023, despite tighter supply fundamentals. Demand reductions in Europe and mature markets in Asia softened the impact of the gas supply shock of 2022. Prices came down significantly in 2023, although they remained well above their historical averages, both in Asia and Europe. Natural gas markets are expected to see a return to strong growth in 2024, primarily driven by the industrial and power sectors in fast-growing economies in Asia and gas-rich countries in Africa and the Middle East. An expected return to average winter weather conditions, after an exceptionally mild 2023, is expected to support higher demand for space heating in the Northern Hemisphere. However, the continued expansion of renewables and improving nuclear availability are likely to temper requirements for gas-fired power generation in mature markets. High inventory levels together with an improving supply outlook are providing gas markets with some reassurance for 2024. However, geopolitical tensions, rising shipping constraints, LNG project delays and adverse weather conditions could renew market tensions and fuel price volatility. Security of supply for natural gas remains a key aspect of energy policy making and the risks related to our outlook highlight the need to strengthen international co-operation, including in assessing and implementing flexibility options along gas and LNG value chains. This edition of the quarterly Gas Market Report by the International Energy Agency (IEA) provides a thorough review of market developments ...
