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European Gas Demand Up on Year in October

NATURAL GAS

European gas demand rose in October around 1%, the first year on year increase since Russia’s invasion of Ukraine in February 2022, IEA Gas Analyst Greg Molnar said in a post on LinkedIn.

  • The rise in gas demand was primarily driven by industry, with a modest boost from the residential and commercial sector, Molnar said.
  • Reduced gas prices are adding support to a slow recovery in industrial gas demand, but the recovery remains fragile and depends on the future trajectory of gas prices.
  • European industrial gas demand remains 15-20% below pre-war levels.
  • Power demand continues to be depressed and fell around 20% on the year in October amid rising nuclear and renewables supply sources.
  • Gas inventories are at record levels -currently at 99.2% - but demand savings are still necessary to maintain a stable gas balance over winter.
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