GECF – Monthly Gas Market Report, May 2024

The Global Gas Market Report for May 2024 highlights key trends in the global economy, gas consumption, production, trade, storage, and energy prices. The global GDP growth is expected to be 3.0% in 2024, with regional variations such as 2.6% in the US, 0.8% in the Euro area, and 4.7% in China. Gas consumption in the EU decreased by 12% due to warm weather, while US and China saw increases driven by the power generation sector and demand for heating respectively. Gas production in the US and China increased, while European production dropped mainly due to declines in British and Dutch output. Global LNG imports surged to 34.5 Mt, led by the Asia Pacific region. Gas storage levels in the EU and US rose slightly, while LNG storage in Japan and South Korea increased. Energy prices saw increases in Europe and Asia, with TTF and NEA spot prices rising, while Henry Hub prices in the US declined. Overall, while gas market fundamentals are expected to remain balanced, geopolitical tensions or extreme weather could introduce volatility into spot prices in the near future.