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Market Bearish on long-term EU industrial gas demand: Argus

NATURAL GAS

Market participants are sceptical that industrial gas demand will ever recover to pre-2022 levels, according to Argus.

  • While industrial gas demand has risen from the lows of 2022, it remains around 8-10% below levels prior to Russia’s invasion of Ukraine, according to estimates from one trading company.
  • Low economic activity and high interest rates have also stalled investment and kept a lid on demand.
  • The refining sector has also seen gas-to-oil switching, using LPG rather than natural gas as a power source.
  • This switch has been more difficult to achieve in the chemical sector, which has instead cut production.
  • The price volatility in TTF has created a loss of trust in gas, sparking some firms to invest and adopt alternative fuel systems.
  • Meanwhile, the EU’s reluctance to sign long-term contracts for LNG supplies has further hampered confidence in gas as a stable energy source for the sector.
Energy BulletsCommodities
Energy BulletsCommodities

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