2021 will be remembered – apart from covid – as an unprecedented year in the natural gas market, in which prices around the world have shot up to record highs. The combination of increased demand due to a cold winter in the northern hemisphere and the economic recovery from the impact of covid and an initially limited supply of liquefied natural gas (LNG) caused LNG to be diverted from Europe to Asia. and South America. Europe responded by using large amounts in storage and then making slower injections into storage. Lower flows from Russia, which was restocking its storage, made the situation worse. In the last three months of 2021, prices increased further, despite declining demand from Asia and a small increase in LNG supply.
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2021 will be remembered – apart from covid – as an unprecedented year in the natural gas market, in which prices around the world have shot up to record highs. The combination of increased demand due to a cold winter in the northern hemisphere and the economic recovery from the impact of covid and an initially limited supply of liquefied natural gas (LNG) caused LNG to be diverted from Europe to Asia. and South America. Europe responded by using large amounts in storage and then making slower injections into storage. Lower flows from Russia, which was restocking its storage, made the situation worse. In the last three months of 2021, prices increased further, despite declining demand from Asia and a small increase in LNG supply.
Keep reading