After rebalancing in 2023, natural gas markets are expected to see stronger full-year demand growth in 2024. 

This is set to be primarily driven by the industrial and power sectors in fast-growing economies in Asia, while the continued expansion of renewables and improving nuclear availability are likely to weigh on gas-fired power generation in Europe. Globally, high storage levels could contribute to the further easing of market fundamentals in the coming months – although geopolitical risks could easily renew market tensions and fuel price volatility, IEA said.

Saudi Aramco expands into US LNG. Boosting its gas presence, Saudi Arabia’s national oil company Saudi Aramco has signed a 20-year LNG supply deal with US firm NextDecade for 1.2 mtpa of liquefied gas from the Rio Grande LNG facility. 

Ukraine signs US LNG supply deal. Ukraine’s largest private energy company DTEK agreed to buy LNG from US energy firm Venture Global, receiving cargoes from Plaquemines LNG starting later this year until end-2026 and also purchasing 2 tmpa from Calcasieu Pass 2 once it starts in 2026.

EU eyes Russian gas via Azerbaijan. According to Azerbaijani top officials, the European Union has asked Azerbaijan to facilitate a gas transit deal with Russia as the Ukraine transit agreement for Russian piped gas is set to run out this December, still seeing supplies of around 15 bcm per year. 

/IEA, OilPrice/