GECF – Monthly Gas Market Report, June 2024

The Global Economy is projected to grow steadily in 2024, with global GDP expected to increase by 3.0% despite some risks. Regional growth is forecasted to be 2.4% in the US, 0.8% in the Euro area, and 4.7% in China. Gas consumption in the EU decreased by 6% in May 2024 due to increased use of alternative energy sources, while the US and China saw increases in gas consumption driven by power generation. Gas production varied across regions, with the US and Europe experiencing changes due to market conditions. Global LNG imports decreased, particularly in Europe, while prices rose in Europe and Asia. Gas storage levels increased in Europe and North America, surpassing historical averages. Energy prices also increased, driven by geopolitical instability and outages at LNG facilities, with spot prices expected to rise further due to growing demand in South and Southeast Asia.