GEFC – Monthly Gas Market Report, Mar 2024

The GEFC Monthly Gas Market Report for March 2024 provides insights into the global economy, gas consumption, production, trade, storage, and energy prices. The report highlights a projected global GDP growth of 2.9% in 2024, with a modest rebound expected in 2025. Gas consumption in the EU and US declined due to warmer weather and increased alternative energy sources. Gas production saw mixed trends in Europe and the US. Gas trade, particularly LNG imports, varied across regions with Asia Pacific seeing an increase while Europe and North America experienced a decrease. Gas storage levels in the EU, US, and Asia decreased but remained above the five-year average. Energy prices for gas and LNG spot prices declined in Europe, Asia, and the US due to bearish market fundamentals and above-normal temperatures. The report also features an article on the role of natural gas in enhancing global food security, highlighting the increasing demand for food as the global population grows, and the critical role of natural gas in fertilizer production to address hunger challenges.