Global gas markets are believed to be tight next year as well

The state of global gas markets isn’t expected to change next year either. Since pipeline gas supplies are diminishing, as does demand for it on the European continent, markets are believed to remain tight. According to the International Energy Agency (IEA), such a situation has developed against the background of energy saving and high prices.

Compared to 2021, between January and August 2022 the level of gas consumption in Europe decreased by 10%. The decline was caused by a fifteen percent reduction in the industrial sector amid a sharp jump in prices.

According to the International Energy Agency, assuming no gas supplies from Russia to the European continent from November, filling European storage facilities at least 20% full by February would be nearly impossible even with a steady supply of liquefied natural gas (LNG). In the absence of a stable LNG supply, storage facilities risk being filled to only 5%.