11 Nov 2024
Background information
Natural gas prices recently reached new highs amid continued volatility ahead of what could be a perilous heating season in Europe. Gas supplies have been tightening since last year, and Russia’s invasion of Ukraine has triggered a full-blown crisis, casting longer-term uncertainty over the market prospects for gas.
Soaring gas prices for consumers are leading to fuel switching, demand destruction and emergency responses from governments in advanced economies – and resulting in acute fuel shortages and power cuts in some emerging and developing economies.
The latest quarterly edition of the IEA’s Gas Market Report offers an updated short-term market review and forecast this year and next – as well as the IEA’s annual Global Gas Security Review. The report highlights measures to enhance security of supply and market resilience ahead of the coming Northern Hemisphere winter. It also provides a resilience analysis of the European market in the case of Russia completely cutting pipeline gas supplies to Europe.