IEA Gas Market Report Q4-2022
The Istituto Affari Internazionali (IAI) and the Clingendael international Energy Programme (CIEP), in cooperation with the International Energy Agency (IEA), are organizing a webinar to discuss about global gas market developments. The IEA will present its latest Gas Market Report (Q4-2022). Participants will have the opportunity to ask questions in the dedicated session.
The winter season opens with extreme natural gas price levels and volatility, caused by uncertainty of supply as Russia curtails its pipeline deliveries to Europe. The result is considerable market tension in alternative sources of supply. Security of supply has become a top priority in Europe and other importing regions as a total cut-off in Russian flows to Europe cannot be ruled out, creating further tensions and demand destruction for all competing LNG importers.
The gas crisis triggered by Russia’s invasion of Ukraine in February 2022 has caused a series of adjustments in the market. European buyers have strongly increased their LNG procurement, resulting in market tightening and demand destruction in various importing regions. This has also had a visible impact on LNG contracting behaviours, with a return to more traditional features such as fixed-destination and longer-duration contracts. The European Union, whose member states are directly exposed to the threat of further supply cuts, has adopted a number of measures to enhance security of supply and market resilience ahead of the coming winter.
Luca Franza, Scientific Advisor, Energy, Climate and Resources Programme, IAI
Presentation of the Report:
Jean-Baptiste Dubreuil, Senior Natural Gas Analyst, IEA
Gergely Molnar, Gas Analyst, IEA
Coby van der Linde, Director, CIEP