IGU – Wholesale Gas Price Survey, 2024

The International Gas Union (IGU) has released its 2024 Global Wholesale Gas Price Survey report, highlighting the shift from oil-price-escalation pricing to gas-on-gas competition in the global gas markets. Following a spike in GOG share to over 50% in 2022, it fell back to 49.7% in 2023 due to factors like India's move to OPE pricing and weak European demand. The survey, conducted by Mike Fulwood, explores different price formation mechanisms including OPE, GOG, BIM, NET, RCS, RSP, and RBC. The wholesale gas price is typically linked to base prices like crude oil and determined through bilateral agreements, netback from final product, regulatory approval, or political/social reasons. The report also touches on the challenges of obtaining data from Former Soviet Union markets due to the ongoing Russia-Ukraine war. Overall, the report provides insight into the evolving dynamics of global wholesale gas pricing.