• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 8 hours How Far Have We Really Gotten With Alternative Energy
  • 9 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 3 days Bankruptcy in the Industry
  • 3 days The United States produced more crude oil than any nation, at any time.
Oil Traders Hedge Geopolitical Risk With Record Options

Oil Traders Hedge Geopolitical Risk With Record Options

Call options are currently trading…

LNG Bunkering Sales Off to a Strong Start in 2024

LNG Bunkering Sales Off to a Strong Start in 2024

LNG maintains its dominance as…

China and Europe to Drive LNG Demand Growth This Year

China and Europe will lead the increase in demand for liquefied natural gas this year, a senior executive from TotalEnergies has forecast.

"LNG has continued to grow, with China being back in the market but not yet at the level of 2021," Thomas Maurisse, VP of Asia Exploration & Production, said at an industry event as quoted by Reuters.

"With Europe ... it's a new and big market, this demand will still continue to grow. At the same time, new capabilities will not be on stream in this very short term, so will continue to put a bit of pressure on prices and volatility."

The latter part of the forecasts may be less certain than the former, with the European Commission recently indicating it aimed to keep an eye on gas consumption and keep it subdued as much as possible.

Earlier this week, the European Commission proposed that EU member states continue taking voluntary measures to maintain a collective 15% gas demand reduction compared to the five-year average to March 2022, as the bloc looks to continue stabilizing its energy and gas supply.

Even so, TotalEnergies is the latest energy major to foresee a bright future for natural gas. Fellow supermajor Shell said earlier this month that it expected LNG demand to surge by 50% in the years to 2040. That demand growth, Shell said, would be led by China and wider Asia as emerging economies in the region switched from coal to natural gas to power their economies.

Demand for LNG has started to pick up lately as prices softened, which in turn was driven by weaker demand in the key Asian and European markets. Asian demand is particularly sensitive to LNG prices as they have weaker financial means than European buyers. As the last two years have shown, it takes one price spike for a lot of Asian buyers to rethink their appetite for LNG.

By Irina Slav for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News