GECF – Monthly Gas Market Report, July 2024

The Global Gas Market Report for July 2024 highlights steady global GDP growth of 3.0%, with the US at 2.3%, Euro area at 0.8%, and China at 4.8%. Global economic growth is expected to accelerate in 2025, with a forecasted GDP growth of 3.3%. Gas consumption trends show a decrease in EU consumption due to demand reduction measures, while US consumption increased driven by cooling demand. China's gas demand rose due to economic recovery and lower LNG prices. Gas production saw declines in the US but rebounded in Europe, particularly in Norway, and continued to grow in China. Global LNG imports declined, led by Europe and the LAC region, while the Asia Pacific region saw increased imports driven by higher demand and LNG infrastructure development. Gas storage levels increased in the EU and the US, but Asia saw stable levels. Energy prices rose in Europe and Asia due to supply concerns and increased cooling demand, with spot prices expected to be supported by higher temperatures in the future.