Gas Market Report, Q3-2024

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.

The new edition of the IEA’s quarterly Gas Market Report provides a thorough review of market developments in the first half of 2024 and a short-term forecast for the remainder of the year. As part of the IEA’s Low-Emissions Gases Work Programme, the report will also include a section on the medium-term outlook for biomethane, low-emissions hydrogen and e-methane.