Global gas demand is expected to grow by 2.8% this year, or about 110 billion cubic metres (bcm), recovering towards 2019 levels, a senior analyst from the International Energy Agency (IEA) said at the European Gas conference on Tuesday.
Global gas markets posted their largest drop on record last year, with consumption falling by an estimated 100 bcm as milder weather at the start of the year and the COVID-19 pandemic slammed energy demand, the IEA’s senior natural gas analyst Jean-Baptiste Dubreuil told the virtual conference.
Still, gas demand proved more resilient than that for other energy sources such as oil, he added.
Record low LNG spot prices due to the pandemic have rebounded to record highs this year, supported by freezing temperatures and supply issues.
“Natural gas demand is more temperature sensitive than other fuels,” said Dubreuil.