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GasMarketReport,
Q3-2024
INTERNATIONALENERGYAGENCY
TheIEAexaminesthefullspectrumofenergyissuesincludingoil,gasandcoalsupplyanddemand,renewableenergytechnologies,
electricitymarkets,energyefficiency,accesstoenergy,demandsidemanagementandmuchmore.Throughitswork,theIEAadvocates
policiesthatwillenhancethereliability,
affordabilityandsustainabilityofenergyinits31membercountries,13associationcountriesandbeyond.
Thispublicationandanymapincludedhereinarewithoutprejudicetothestatusoforsovereigntyoveranyterritory,tothedelimitationof
internationalfrontiersandboundariesandtothenameofanyterritory,cityorarea.
Revisedversion,July2024Informationnoticefoundat:/corrections
Source:IEA.
InternationalEnergyAgency
Website:
IEAmembercountries:
AustraliaAustria
BelgiumCanada
CzechRepublic
DenmarkEstonia
Finland
France
GermanyGreece
HungaryIrelandItaly
Japan
Korea
Lithuania
Luxembourg
Mexico
NetherlandsNewZealand
NorwayPolandPortugal
SlovakRepublic
Spain
Sweden
Switzerland
RepublicofTürkiyeUnitedKingdom
UnitedStates
TheEuropeanCommissionalsoparticipatesintheworkoftheIEA
IEAassociationcountries:
ArgentinaBrazil
China
Egypt
India
IndonesiaKenya
MoroccoSenegal
Singapore
SouthAfricaThailand
Ukraine
IEACCBY4.0.
PAGE|3
GasMarketReport,Q3-2024
Abstract
Abstract
Naturalgasmarketsmovedtomorepronouncedgrowthinthefirsthalfof2024,withinitialestimatesindicatingthatglobalgasdemandincreasedataratewellaboveitshistoricalaverageduringthis
period.DemandgrowthisprimarilysupportedbyhighergasuseinindustryandisincreasinglyconcentratedinAsia,wherebothChinaandIndiareturnedtodouble-digitgrowthratesinthefirsthalfof
2024.
Despitethisstronggrowth,theoutlookforgasdemandremains
fragile.GlobalLNGproductionunderperformedinthesecond
quarterof2024,whilegeopoliticaltensionsarefuellingprice
volatility.Naturalgaspricesincreasedacrossallkeymarketsinthesecondquarterof2024,reflectingtightermarketfundamentals.Forthefullyearof2024,naturalgasdemandisforecasttoincreaseby2.5%in2024,primarilydrivenbyfast-growingAsianmarkets.
Geopoliticalinstabilityrepresentsthegreatestrisktotheshort-termoutlook.LNGtradehaspracticallyhaltedacrosstheRedSeasincethestartoftheyear,whileRussiaisincreasinglytargetingenergy
infrastructureinUkraine,includingundergroundgasstorage
facilities.Inthiscontext,securityofsupplyfornaturalgasremainsakeyaspectofenergypolicymakingandtherisksrelatedtoour
outlookhighlighttheneedtostrengtheninternationalco-operation,includinginassessingandimplementingflexibilityoptionsalonggasandLNGvaluechains.
ThiseditionofthequarterlyGasMarketReportbytheInternationalEnergyAgency(IEA)providesathoroughreviewofmarket
developmentsoverthefirsthalfof2024andashort-termoutlookfortheremainderof2024.AspartoftheIEA’sLow-EmissionsGasesWorkProgramme,thereportincludesasectiondedicatedtothe
medium-termoutlookforbiomethane,low-emissionshydrogenande-methane.
GasMarketReport,Q3-2024
Tableofcontents
IEACCBY4.0.
PAGE|4
Tableofcontents
Executivesummary 5
Gasmarketupdate 11
Medium-termoutlookforlow-emissionsgases 43
Annex 55
GasMarketReport,Q3-2024
Executivesummary
IEACCBY4.0.
PAGE|5
Executivesummary
GasMarketReport,Q3-2024
Executivesummary
IEACCBY4.0.
PAGE|6
Globalgasmarketsreturnedtogrowthinthefirsthalfof2024,butoutlookremainsfragile
Followingthenaturalgassupplyshockof2022andagradualrebalancingin2023,gasmarketsmovedtomorepronouncedgrowthinthefirsthalfof2024.Initialestimatesindicatethat
globalgasdemandincreasedby3%year-on-year(y-o-y)duringthisperiod,wellabovethehistorical2%averagegrowthratebetween
2010and2020.Despitethisstronggrowth,therecoveryremains
fragile.GlobalLNGproductionunderperformedinthesecond
quarter,whilegeopoliticaltensionsarefuellingpricevolatility.
Duringthefirstquarterof2024,gaspricesdroppedtolevelslast
seenbeforetheglobalenergycrisis,howeverpriceshaveincreasedacrossallkeymarketsinrecentmonths,reflectingtightersupply-
demandfundamentals.Gasdemandgrowthisexpectedto
moderateinthesecondhalfof2024.Forthefullyearof2024,
globalgasdemandisforecasttoincreaseby2.5%,primarilydrivenbyfast-growingAsianmarkets.
Asiawasthedrivingforcebehindglobalgasdemandgrowthinthefirsthalfof2024
Preliminarydatasuggestthatglobalnaturalgasdemand
increasedby3%inthefirsthalfof2024.However,70%ofthisdemandgrowthwasconcentratedinthefirstquarter.LNGsupplydeclinedyear-on-yearinthesecondquarter,creatingupward
pressureongaspricesacrosskeyimportmarkets,whichinturnweighedondemandgrowth.
Asiaaccountedforaround60%oftheincreaseinglobalgas
demandinthefirsthalfof2024,withdemandinbothChinaandIndiaincreasingbyjustover10%y-o-y.Highergasuseinindustrycontributedtoalmost65%ofglobaldemandgrowthinthefirsthalfof2024.Thiswasprimarilysupportedbytheeconomicexpansionoffast-growingAsianmarkets.Gasuseinthepowersectorgrewbyamoremoderate2%y-o-y,asthestronggainsinNorthAmerica,
fast-growingAsianmarketsandEurasiawerepartiallyoffsetby
lowergas-firedpowergenerationinEurope.Gasdemandintheresidentialandcommercialsectorsgrewby1%y-o-yamid
unseasonablywarmtemperaturesinthefirstquarter.
GlobalLNGsupplydecreasedinthesecondquarter–itsfirstcontractionsincetheCovidlockdownsin2020
GlobalLNGsupplygrowthremainedlacklustreinthefirsthalfof2024,increasingbyamere2%,oraround6bcm,year-on-year.ThisgrowthwasentirelyconcentratedinthefirstquarterasLNGproductionrosebyarobust4.5%(or6.5bcm).Bycontrast,
LNGoutputfellby0.5%,or0.5bcm,y-o-yinthesecondquarterof2024.Thisrepresentsthefirsty-o-yquarterlydeclinesince2020,whenCovid-inducedlockdownsdrasticallyreducedLNGdemandandledtowidespreadcargocancellations.Inthesecondquarterof2024,thedeclineinLNGproductionwaslargelydrivenbya
combinationoffeedgassupplyissuesandunexpectedoutages.
IEACCBY4.0.
PAGE|7
Year-on-yeargrowthinLNGsupplyisexpectedtoaccelerate
duringthesecondhalfof2024,withnewliquefactioncapacity
comingonline.TheUnitedStatesissettoprovidethelion’sshareofnewexportcapacitythisyearasexistingplantsexpandandnew
plantsstartoperating.ThisincludestheexpansionofFreeportLNG,theramp-upofPlaqueminesLNGPhase1overthesummer,andtheexpectedstart-upofCorpusChristiStage3neartheendof
2024.TheTortueFLNGplantoffthecoastofWestAfricaisduetocomeonlineinthefourthquarter.
Naturalgaspricesincreasedacrossallkeymarketsinthesecondquarter
ThecontractioninLNGsupplycombinedwithstrongAsiandemandgrowthtightenedtheglobalgasbalanceinthesecondquarter.
Moreover,uncertaintiesre-emergedaroundRussianpipedgassuppliestoEurope,whichfuelledadditionalpricevolatility.
Consequently,gaspricesroseacrosskeyAsianandEuropean
markets,risingabovetheir2023levelsbyJune2024.IntheUnitedStates,HenryHubpricesrecoveredfromtheirmulti-decadelows,risingbyalmost70%betweenMarchandJune.Productioncutsbyupstreamplayers,astrongincreaseingas-firedpowergenerationandhighergasexportsallprovidedupwardsupporttogasprices.
Naturalgasdemandgrowthisexpectedtoslowinthesecondhalfof2024
Globalgasdemandgrowthisexpectedtofallbelow2%y-o-yinthesecondhalfof2024.Inpart,theeasingreflectsthegradual
recoveryindemand,whichwasalreadyunderwayinthesecond
halfof2023.Forthefullyearof2024,globalgasdemandis
forecasttogrowby2.5%,orjustover100bcm.Weexpectthe
limitedincreaseinglobalLNGsupplytorestraingrowthinimport
markets.Industryemergesasthemostimportantdrivingforce
behindglobaldemand,asgasuseinthepowersectorisforecasttoincreaseonlymarginally.Thisisbecausegrowthinfast-growing
Asianmarketsandingas-richcountriesinAfrica,theMiddleEastandNorthAmericaisexpectedtobepartiallyoffsetbydeclinesinEurope.
Low-emissionsgassupplyisexpectedtomorethandoubleby2027
Thedeploymentoflow-emissionsgasesisexpectedto
accelerateoverthemediumterm.Ourcurrentforecastseesthesupplyoflow-emissionsgasesmorethandoublingby2027,
translatingintoanincreaseofalmost16bcminabsoluteterms.
Thisrepresentsasignificantupwardrevisioncomparedwithour
medium-termoutlooklastyearandreflectsgrowingpolicysupportforlow-emissionsgases.EuropeandNorthAmericaaresettodrivethisexpansion,contributingover70%oftheoverallgrowth.
Nevertheless,furthereffortsarerequiredtounleashthefull
potentialoflow-emissionsgasesandreachtheambitioustargetssetbygovernments.BesidesEuropeandNorthAmerica,anumberofemerginglow-emissionsgasproducersareexpectedtoscaleuptheiroutput,includingBrazil,ChinaandIndia.
GasMarketReport,Q3-2024
Executivesummary
IEACCBY4.0.
PAGE|8
GlobalgastradegrowthtightenedinQ22024amidlowerLNGsupplyavailability
Estimatedyear-on-yearchangeinkeypipednaturalgastradeandglobalLNGsupplybyquarter,2023–2024
Y-o-ychangeinbcm
30
20
10
0
-10
-20
RussianpipedgastoEuropeOtherpipelineimportstoEuropePipelineimportstoChina
aGlobalLNGsupplyOTotaly-o-ychange
-30
2023Q1
2023Q2
2023Q3
2023Q4
2024Q2
2024Q1
IEA.CCBY4.0.
GasMarketReport,Q3-2024
Executivesummary
IEACCBY4.0.
PAGE|9
NaturalgaspricesstrengthenedacrossallkeymarketsinQ22024
Evolutionofkeyregionalnaturalgaspricessince1January2024
50%40%30%20%10% 0%-10%-20%-30%-40%-50%
%changesince1January2024
02-Jan-24
13-Jan-24
24-Jan-24
TTF-EuropePlattsJKM-Asia
04-Feb-24
15-Feb-24
26-Feb-24
08-Mar-24
19-Mar-24
30-Mar-24
10-Apr-24
21-Apr-24
Henry
Hub-UnitedStates
02-May-24
13-May-24
24-May-24
04-Jun-24
15-Jun-24
26-Jun-24
IEA.CCBY4.0.
GasMarketReport,Q3-2024
Executivesummary
IEACCBY4.0.
PAGE|10
Thesupplyoflow-emissionsgasesisexpectedtomorethandoubleby2027
Estimatedsupplyoflow-emissionsgasesbytype,Forecastsupplyoflow-emissionsgasesbytype,
in2023in2027
25bcm-eq
10bcm-eq
IEA.CCBY4.0.
GasMarketReport,Q3-2024
Gasmarketupdate
IEACCBY4.0.
PAGE|11
Gasmarketupdate
GasMarketReport,Q3-2024
Gasmarketupdate
GlobalgasdemandreturnedtomorepronouncedgrowthinH12024
Followingthecontractionin2022andagradualrebalancingin2023,
globalgasmarketsreturnedtomorepronouncedgrowthinH12024amidalowerpriceenvironmentandimprovingsupplyfundamentals.Around70%ofthisdemandgrowthwasconcentratedinQ1.TheslowingofLNGsupplygrowthinQ2providedupwardpressureongaspricesacrosskeyimportmarkets,whichinturnweighedongasdemandgrowthrates.
Preliminarydatasuggestthatnaturalgasdemandincreasedby3%(or50bcm)inH12024inthemarketscoveredbythisIEAgasmarketupdate.
1
Asiaaloneaccountedforaround60%ofincrementalgasdemand,primarilydrivenbythePeople’sRepublicofChina(hereafter“China”)andIndia.Demandgrowthwaslargelysupportedbyhighergasuseinindustry,contributingalmost65%ofthedemandgrowthinH12024.CombinedindustrialgasconsumptioninChina,Europe,IndiaandtheUnitedStates–accountingforaroundhalfoftheglobalamount–increasedbyanimpressive6%(ornear20bcm)y-o-y.Gas-to-powerdemandgrewbyamoremoderate2%y-o-y,asthestronggainsinNorthAmerica,thefast-growingAsianmarketsandEurasiawerepartiallyoffsetbylowergas-firedpowergenerationinEurope.Gasdemandintheresidentialandcommercialsectorsgrewbyamere1%y-o-yasanunseasonably
warmQ1weighedonspaceheatingrequirementsinEuropeandNorthAmerica.
InNorthAmericanaturalgasdemandrosebyanestimated2%(or10bcm)y-o-yinH12024.Whileresidentialandcommercial
demanddeclinedamidunseasonablymildweatherconditionsin
Q1,theselossesweremorethanoffsetbyrobustgrowthingas-
firedpowergenerationacrossallmarketsoftheregion.Facedwithmulti-decadelowgaspricesduringtheFebruary–Aprilperiod,USupstreamplayersoptimisedtheirdrygasoutputtobalancethe
market,whichledtoa1.5%y-o-ydeclineinUSgasproductioninQ22024.Lowerdrygasoutputcombinedwithstronggas-fired
powergenerationandhigherexportssupportedarecoveryin
naturalgaspricesinQ2.InCentralandSouthAmericagas
demandgrewbyanestimated3%y-o-y,supportedbyhighergasuseinthepowerandindustrialsectors.Thisrelativelystrong
demandgrowthincreasedtheregion’snetLNGimportsbycloseto25%(or1.3bcm)y-o-yinH12024.
NaturalgasdemandinAsiaincreasedbyanestimated8%y-o-y(orover30bcm)inH12024.Chinacontinuestodrivetheregion’sgasdemandgrowth,withthecountry’sgasconsumptionrisingby11%(or17bcm)y-o-yamidhighergasuseacrossallend-usesectors.LowernaturalgaspricescontinuedtostimulategasdemandinIndia,withgasuseinindustryrisingbyover20%y-o-yinthefirst
1AsiaPacific,CentralandSouthAmerica,Eurasia,EuropeandNorthAmerica.
IEACCBY4.0.
PAGE|12
GasMarketReport,Q3-2024
Gasmarketupdate
IEACCBY4.0.
PAGE|13
fivemonthsof2024.Combinednaturalgasdemandincreasedbyanestimated3%y-o-yinJapanandKoreainthefirstfourmonthsof2024.
NaturalgasconsumptioninOECDEuropefellby3.5%(or9bcm)y-o-yinH12024.Thepowersectorremainedthemostimportantdriverbehindlowergasdemand,asthestrongexpansionofrenewablestogetherwithimprovingnuclearavailabilityreducedthecallongas-firedpowerplants.MildwinterweatherlimitedgasdemandintheresidentialandcommercialsectorsinQ1.Conversely,gasuseintheindustrialsectorcontinuedtorecover,supportedbythelowerpriceenvironment,albeitremainingwellbelowitspre-crisislevels.InEurasianaturalgasdemandrosebyanestimated5%y-o-yinH12024.Acolderwintersupportedhigherspaceheatingrequirements,whilelowernuclearavailabilityintheRussianFederation(hereafter“Russia”)increasedthecallongas-firedpowerplants.Russia’snaturalgasproductionincreasedbynear8%(or22bcm)y-o-yinthefirstfivemonthsof2024.Thisgrowthwaspartlydrivenbystrongerpipedgasexports,includingtoChina,EuropeandCentralAsia,aswellashigherLNGproductionandrisingdomesticdemand.NaturalgasproductiondisplayedvaryingpatternsinCentralAsia.FirstestimatesindicatethattheregionincreaseditspipedgasdeliveriestoChina,primarilydrivenbyhigheroutputinTurkmenistan.InAzerbaijansalesgasproductiongrewby4%(or0.6bcm)y-o-yinthefirstfivemonthsof2024,supportedbothbyhigherdomesticdemandandstrongerexports.
Globalgasdemandisforecasttogrowby2.5%(orjustover
100bcm)in2024.Weanticipategrowthtobecappedinimport
marketsbythelimitedincreaseinglobalLNGsupply,whichisexpectedtoexpandbyamere3%(or15bcm).Industryandenergyownuseisexpectedtoaccountforover55%ofincrementalgasdemandin2024.Thisispartlysupportedbycontinuedeconomicexpansioninfast-growingAsianmarkets,aswellasrecoveryinEurope’sindustrialgasdemand.Followinganunseasonablymildnorthernhemispherewinter,naturalgasdemandintheresidentialandcommercialsectorsisexpectedtoincreaseby2.4%in2024,assumingaverageweatherconditionsinQ4.Gas-to-powerdemandisforecasttoincreaseonlymarginally,ashighergasburninthefast-growingAsianmarkets,andthegas-richcountriesofAfrica,theMiddleEastandNorthAmerica,ispartiallyoffsetbytheprojecteddeclinesinEurope.
GasdemandintheAsiaPacificregionisexpectedtoexpandbycloseto5%in2024comparedwith2023andaccountfornearly45%ofincrementalgasdemand.GrowthinAsiaislargelysupportedbyindustrialactivityandhighergasuseinthepowersector.Gasdemandisforecasttoincreaseby1%inNorthAmericaandby2%inCentralandSouthAmerica.InEuropenaturalgasdemandisforecasttoremainbroadlyflat,standing20%belowits2021levels.WhileEurope’sgasuseinindustryandforspaceheatingisprojectedtorecover,gas-firedgenerationissettodeclinefurther.Combinedgasdemandinthegas-richmarketsofAfricaandtheMiddleEastisforecasttoincreaseby3%.Similarly,Eurasiangasdemandisprojectedtogrowby3%amidhigherdemandinindustryandtheresidentialandcommercialsectors.
GasMarketReport,Q4-2023
Gasmarketupdate
IEACCBY4.0.
PAGE|14
Asiaaccountedforaround60%ofincrementalgasdemandinH12024
Estimatedy-o-ychangeinnaturalgasdemandinkeyregions,H12024vsH12023
Y-o-ychangeinbcm
30
20
10
0
-10
-20
Y-o-ychangein%
8%
4%
0%
-4%
-30
Asia*
aResidentialandcommercialaPower
NorthAmericaEurasia
aIndustryoY-o-ychange-8%
EuropeCentralandSouth
America
IEA.CCBY4.0.
*Bangladesh,China,India,Indonesia,Japan,Korea,Malaysia,Pakistan,Philippines,SingaporeandThailand.
GasMarketReport,Q4-2023
Gasmarketupdate
IEACCBY4.0.
PAGE|15
Stronggrowthinindustrydrivesincrementalgasdemandin2024
Forecastchangeinnaturalgasconsumptionbyregionandsector,2024vs2023
World
AsiaPacific
Eurasia
MiddleEast
NorthAmerica
Africa
CentralandSouthAmericaEurope
Residentialandcommercial
Power
Industry
OthersectorsNetchange
-20020406080100bcm
IEA.CCBY4.0.
GasMarketReport,Q3-2024
Gasmarketupdate
IEACCBY4.0.
PAGE|16
NorthAmericangasdemandincreasedbyanestimated2%inthefirsthalfof2024…
NaturalgasconsumptioninNorthAmericarosebyanestimated2%(or10bcm)y-o-yinthefirsthalfof2024.WhileresidentialandcommercialdemandcontinuedtodeclineamidunseasonablymildweatherconditionsinQ1bothinCanadaandtheUnitedStates,
theselossesweremorethanoffsetbyrobustgrowthingas-firedpowergenerationacrossallmarketsoftheregion.
IntheUnitedStatesnaturalgasconsumptionincreasedbyan
estimated1.5%(or7bcm)y-o-yinH12024,withgrowthprimarilydrivenbythepowersector.Naturalgasdemandintheresidential
andcommercialsectorsfellbyaround2.5%(or3bcm)y-o-yduringthesameperiod.WhileStormHeatherboostedspaceheating
demandinJanuary,milderweatherconditionsduringFebruary-Maymoderatedgasuseintheresidentialandcommercialsectors.
Overall,heatingdegreedaysweredownby2%y-o-yduringthefirstfivemonthsof2024,whichnaturallyweighedonspaceheating
requirements.Inaddition,heatingintensityintheresidentialandcommercialsectorsmarginallydeclined,whichsuggeststhatnon-weatherrelatedfactors(includingenergyefficiencyand
electrificationofheat)mighthavealsocontributedtothelowergasuseinbuildings.
Incontrast,gasburninthepowersectorcontinueditsrobust
expansionandroseby6%(or9bcm)y-o-yinH12024.Thisstronggrowthwasprimarilysupportedbyhigherelectricityconsumption,whichgrewbyanestimated4%y-o-y.Highercoolingdegreedays
contributedtostrongerelectricitydemand,especiallyduringtheMay-Juneperiod.Thecontinuedincreaseingas-firedpower
generationprovidedupwardpressureongasprices,withHenryHubaveraging17%aboveits2023levelsinJune.Naturalgas
demandinindustryincreasedbyanestimated0.5%(or0.6bcm)y-o-yinH12024,albeitremainingbelowits2022levels.
InCanadanaturalgasconsumptionincreasedbyanestimated4%
(or3bcm)y-o-yinH12024.SimilarlytotheUnitedStates,
unseasonablymildweatherconditionsweighedongasuseinthe
residentialandcommercialsectors,whichdeclinedby10%y-o-yinthefirstfourmonthsof2024.Combinedgasdemandinthe
industrialandpowersectorsrosebyastrong12%y-o-yduringthesameperiod,largelysupportedbystrongergas-firedgenerationattheexpenseofcoal-firedpoweroutput.InMexiconaturalgas
consumptiongrewbyanestimated2%(or1bcm)y-o-yinH12024,amidthecontinuedexpansionofgas-firedpowergeneration.HighergasdemandinMexicosupportedstrongerpipedgasimportsfromtheUnitedStates(upbyalmost10%y-o-yinH12024).
FollowingamildQ1,naturalgasdemandinNorthAmericais
forecasttoincreaseby1%in2024.Thepowersectorisexpectedtodrivethisgrowth,amidhigherelectricitydemand.Gasdemandinindustryisexpectedtoremainbroadlyflatamidaweakmacro-
economicenvironment.
GasMarketReport,Q3-2024
Gasmarketupdate
IEACCBY4.0.
PAGE|17
…primarilyfuelledbystronggasburnintheUSpowersector
Estimatedy-o-ychangeinsemi-annualnaturalgasdemand,UnitedStates,2021-2024
Y-o-ychangeinbcm
30
20
10
0
-10
-20
-30
2020H1
2021H1
2021H2
2022H2
2020H2
2023H1
2022H1
2024H1
2023H2
Y-o-ychangein%
8%
4%
0%
-4%
-8%
ResidentialandcommercialPowerIndustryOthersY-o-ychange
IEA.CCBY4.0.
Sources:IEAanalysisbasedonEIA(2024),
NaturalGasConsumption;
NaturalGasWeeklyUpdate.
GasMarketReport,Q3-2024
Gasmarketupdate
IEACCBY4.0.
PAGE|18
Stronggas-firedpowergenerationdrivesdemandgrowthinCentralandSouthAmerica…
Followingadeclineof1%in2022,naturalgasconsumptionin
CentralandSouthAmericaremainedbroadlyflatin2023.
PreliminarydataforH12024indicatethattheregion’snaturalgasconsumptionincreasedby3%y-o-y,primarilysupportedbyhighergasuseinthepowerandindustrialsectors.Thisrelativelystrongdemandgrowthincreasedtheregion’snetLNGimportsbyaround25%(or1.3bcm)y-o-yinthefirsthalfof2024.
InArgentina–theregion’slargestgasmarket–naturalgas
consumptionincreasedby5.5%(or0.65bcm)y-o-yinthefirst
fourmonthsof2024,primarilysupportedbystrongergasburninthepowersector.Naturalgasuseinindustryfellby2%(or0.1bcm)y-o-y.Incontrast,gas-to-powerdemandincreasedbyastrong13%(or0.6bcm),whilenaturalgasconsumptionintheresidentialandcommercialsectorsroseby7.5%(or0.15bcm)y-o-yinthefirst
fourmonthsof2024.Highernaturalgasdemandwasmetbytherobustgrowthinthecountry’sshalegasproduction,which
increasedby17%(or1.4bcm)y-o-yinthefirstfivemonthsoftheyear,primarilydrivenbyhigheroutputfromtheVacaMuerta
deposits.Incontrast,naturalgasoutputfromconventionalfieldscontinuedtodeclineanddroppedby11%(or1bcm)y-o-yduringthesameperiodof2024.
NaturalgasconsumptioninBrazilincreasedbyanestimated2%(or0.3bcm)inthefirsthalfof2024.Sizzlingheatwavesincreasedcoolingdemand,whichinturnsupportedastrongincreasein
electricityconsumption,upbyanestimated6%y-o-yinH12024.Thisstrongdemandgrowthwasonlypartlymetbyhigherhydro,windandsolarpoweroutput,withtheremaininggapbridgedby
gas-firedpowerplants.Gas-to-powerdemandsurgedbyan
estimated6%y-o-yinH12024.Inthewakeofstrongergas
demand,Brazil’sLNGinflowsalmosttripledcomparedtoH12023,risingtonear1.5bcm.Incontrast,pipedgasimportsfromBoliviadroppedby4%(or0.1bcm)y-o-y.
InTrinidadandTobagonaturalgasconsumptionrosebyan
estimated1%y-o-yinQ12024,whileinVenezuelaobserved
naturalgasconsumptiongrewby13%(or0.65bcm)y-o-yinthefirstfourmonthsof2024.InColombianaturalgasconsumptionroseby17%(or0.8bcm)y-o-yinH12024,almostentirelydrivenbythepowersector.Lowerhydroavailabilityandsizzling
heatwavesledtoasurgeingas-to-powerdemand,whichincreasedbyanimpressive97%(or0.8bcm).Colombia’sLNGimports
increasedmorethanfivefoldcomparedwithH12023.NaturalgasusecontinuedtoexpandinCentralAmericaandthemarketsoftheCaribbeanSea.TheircombinedLNGimportsrosebymorethan6%y-o-yinH12024.
ThisforecastexpectsnaturalgasdemandinCentralandSouth
Americatoincreaseby2%in2024.Ahotanddrysummer
supportingstrongergas-firedpowergenerationandhigherusageintheindustrialsectorareexpectedtosupportgasdemandgrowth.
GasMarketReport,Q3-2024
Gasmarketupdate
IEACCBY4.0.
PAGE|19
…withtheregion’sgasconsumptionrisingbyanestimated3%inH12024
Y-o-ychangeinquarterlynaturalgasdemand,CentralandSouthAmerica,Q12023-Q22024
Y-o-ychangeinbcm
2
1
0
-1
-2
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
Y-o-ychangein%
6%
4%
2%
0%
-2%
-4%
-6%
aArgentinaaBrazilaColombiaaOthersaTotaloY-o-ychange
IEA.CCBY4.0.
Sources:IEAanalysisbasedonANP(2024),
BoletimMensaldaProduçãodePetróleoeGásNatural;
BMC(2024),
InformesMensuale
s;CentralBankofTrinidadandTobago(2024),
Statistics;
CNE(2024),
GeneraciónbrutaSEN;
ENARGAS(2024),
DatosAbiertos;
ICIS(2024),
ICISLNGEdge;
IEA(2024),MonthlyGasDataService;
JODI(2024),
GasDatabase;
MME(2024),
BoletimMensaldeAcompanhamentodaIndustriadeGásNatural;
OSINERG(2024),
Reportediariodelaoperacióndelossistemasde
transportedegasnatural.
GasMarketReport,Q3-2024
Gasmarketupdate
IEACCBY4.0.
PAGE|20
Asia’snaturalgasdemandgrewbyanestimated8%inH12024
Followingthecontractionin2022,Asia’snaturalgasdemand
returnedtogrowthin2023.ThistrendcontinuedintoH12024,withpreliminarydatasuggestingthattheregion’snaturalgas
consumptionrosebyanimpressive8%(orover30bcm)y-o-yandaccountedforaround60%ofgloba
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