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15 Apr 2021 Release

Gas 2021 (Q2)

After a record drop in global demand in 2020, natural gas markets experienced strong supply-and-demand tensions in the first months of 2021. Colder-than-expected temperatures and tighter supply led to price rallies and spikes, first in Northeast Asia in January and then in North America in February.

These strong winter weather conditions have provided some short-term support to natural gas demand, but market fundamentals for 2021 remain fragile. Global gas demand is expected to return to its 2019 level, but with uncertainties regarding the trajectory of fast-growing markets compared with more mature economies. Meanwhile, sectoral demand is subject to a variety of risk factors including slow economic rebounds and fuel switching.

This new quarterly report offers a detailed review of 2020 gas supply-and-demand fundamentals and figures, an analysis of recent developments in global gas markets over the northern hemisphere’s heating season, and an updated near-term outlook for 2021.