GECF – Monthly Gas Market Report, Nov 2024

The "Monthly Gas Market Report" for November 2024 by the Gas Exporting Countries Forum (GECF) provides a comprehensive analysis of the global gas market, highlighting key developments and projections. In this edition, the GECF reports that global gas consumption is projected to grow by 2.2% in 2024, with notable increases in the European Union (3.3% year-on-year in September) and the United States (1.6% year-on-year in September). Global gas production is expected to rise by 2.4% in 2024, driven by increased output in Europe (2.5% year-on-year in August) and China (10.6% year-on-year in August). The report also notes a 1.7% year-on-year increase in global LNG imports from January to September 2024, with a significant 8.9% year-on-year surge in September, primarily due to robust demand in the Asia Pacific region. Additionally, the GECF highlights that gas storage levels in the EU reached an average of 98 bcm in September, representing 94% of regional capacity.