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The global gas market experienced significant volatility in 2022, due to a number of factors, including the war in Ukraine, sanctions on Russia, and strong economic rebound following the COVID-19 pandemic. As a result, gas prices reached record highs in many parts of the world.
In 2023, the gas market has remained relatively stable, but prices are still well above their pre-war levels. This is due to a number of factors, including continued supply disruptions from Russia, strong demand from Asia, and limited LNG export capacity.
Global gas consumption: Global gas consumption increased by 5.3% in 2022, to 4.2 trillion cubic meters. This was the largest annual increase since 2010.
Global gas production: Global gas production increased by 4.1% in 2022, to 4.1 trillion cubic meters. This was the largest annual increase since 2018.
LNG exports: Global LNG exports increased by 3.9% in 2022, to 380 billion cubic meters. This was the largest annual increase since 2018.
LNG imports: Global LNG imports increased by 5.1% in 2022, to 370 billion cubic meters. This was the largest annual increase since 2010.
Gas prices: Gas prices reached record highs in many parts of the world in 2022. For example, the European benchmark gas price, TTF, reached a record high of €346 per megawatt-hour in March 2022. In comparison, TTF is currently trading at around €210 per megawatt-hour.
Comparison of gas market in 2022 vs 2023
Comparison of gas market in 2022 vs 2023
The table below compares the key trends in the global gas market in 2022 and 2023:
As the table shows, global gas consumption and production growth have slowed in 2023, compared to 2022. This is due to a number of factors, including the war in Ukraine, high gas prices, and a slowdown in the global economy.
LNG exports and imports have also slowed in 2023, compared to 2022. This is due to a number of factors, including continued supply disruptions from Russia, strong demand from Asia, and limited LNG export capacity.
Gas prices have remained elevated in 2023, but they are below their record highs of 2022. This is due to a number of factors, including increased LNG supply from the United States and Qatar, and a mild winter in Europe.
Conclusion
Conclusion
The global gas market has experienced significant volatility in recent years, due to a number of factors, including the war in Ukraine, sanctions on Russia, and strong economic rebound following the COVID-19 pandemic. As a result, gas prices have reached record highs in many parts of the world.
In 2023, the gas market has remained relatively stable, but prices are still well above their pre-war levels. This is due to a number of factors, including continued supply disruptions from Russia, strong demand from Asia, and limited LNG export capacity.
The outlook for the gas market in the remainder of 2023 is uncertain. However, gas prices are likely to remain elevated, as supply remains tight and demand remains strong.
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