EU records gas consumption increase
Last month, the EU recorded its fourth consecutive year-on-year increase in gas consumption, rising by 9% to 40 bill cu m.
This came after seven months of continuous decline, reported UAE-based Gas Exporting Countries’ Forum (GECF).
The rise was mainly driven by the residential and electricity sectors, influenced by a cold spell and notably lower wind power output.
Similarly, US gas consumption saw a significant y-o-y increase of 5.1%, reaching 93 bill cu m.
In November, 2024, China’s apparent gas demand rose by 1.7% y-o-y to 35.6 bill cu m, driven by increased LNG fuel demand for trucks and higher gas fired power generation.
As for Gas production, in December, 2024, US continued its declining trend to stand at 88.6 bill cu m, representing a 4.1% y-o-y reduction.
This drop reflected the combined effect of the Hurricane season on Gulf of Mexico operations and production cuts in response to low Henry Hub prices.
In November, 2024, Europe’s gas production fell by 2.1% y-o-y to reach 15.9 bill cu m, primarily due to reduced output from Norway and extended maintenance periods.
Gas production in the Asia/Pacific region was estimated to have decreased by 0.2% y-o-y, driven by a slower growth rate in Chinese production (3.7% y-o-y) and a reduction in output from several other major Asian gas producers.
In the upstream sector, GECF members, Mauritania and Senegal, began gas production from their joint Greater Tortue Ahmeyim (GTA) offshore project.
Looking at gas trades, in December, 2024, global LNG imports fell for the second consecutive month, declining by 0.3% y-o-y to 38.2 mill tonnes.
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