IEA – Gas Market Report, 2Q 2024

The IEA's Gas Market Report for the second quarter of 2024 highlights the stability of natural gas markets during the 2023/24 winter, with prices returning to pre-crisis levels in Asia, Europe, and the United States. Despite mild weather and high storage levels, cold spells and demand spikes emphasized the importance of gas supply flexibility for energy security. Demand growth is expected to strengthen in 2024, driven by the industrial and power sectors in Asia. However, the expansion of renewables and nuclear energy may impact gas-fired power generation in mature markets. Geopolitical tensions pose a risk to the short-term outlook, with disruptions in LNG trade and attacks on energy infrastructure. The report emphasizes the need for international cooperation to strengthen security of gas supply and implement flexibility options in gas and LNG value chains. The report also includes policy and regulatory developments to stimulate demand for low-emission gases like biomethane, low-emission hydrogen, and e-methane.