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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NATURAL GAS
European gas market will have weaker price upside in 2024 than previous years with bearish fundamentals according to the ICIS 2024 outlook for European gas, power and carbon markets.
- Europe is in the second consecutive winter with minimal fundamental shocks, relatively high natural gas stocks and below-average weather driven demand.
- European gas demand is projected to increase by 8% and power demand by 2.9% in 2024 but remain below 2022 levels.
- Industrial gas and power demand will start to revive in the H2 2024 and into 2025 but will be slow with limited upside from the chemical industrial subsector.
- Residential gas and power demand is expecting a gradual recovery amid increased household purchasing power, but a strong bounce is unlikely.
- Western European regasification capacity is due to expand by 9% as increasing LNG supply is set to cover 85% of gas demand growth.
- Gas storage is forecast at 55% full by 1 April and likely to reach the EU's 90% target ahead of winter 2024/2025.
- European gas prices are vulnerable to upside supply risks as the global LNG market returns to an undersupplied position. A short global LNG market is expected until 2025 but tightness is largely already priced into the market.
Source: ICIS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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