BAKU, Azerbaijan, July 4. Europe's gas demand may increase by 0.3 percent in the third quarter of 2024 year on year, reaching 701 million cubic meters per day, Trend reports via S&P Global Commodity Insights.
In the reporting period of this year, the EU's gas demand of 510 million cubic meters per day may be met through pipeline supplies from various countries around the world.
In the meantime, Norway may be sitting on a goldmine, able to dish out a whopping 316 million cubic meters of gas every single day.
"From CIS countries, the EU may receive 75 million cubic meters per day from Russia (via two branches), and 32 million cubic meters per day from Azerbaijan via the Southern Gas Corridor," S&P Global Commodity Insights said.
According to experts from this reputable analytical company, despite high reserves and restrained demand, the European gas market will remain nervous from July through September 2024, considering the possibility of unexpected supply disruptions.
"Average gas prices remain relatively high, reflecting market nervousness. They have increased by 50 percent from the recent low in February and are holding at around $400 per 1,000 cubic meters," the company's research said.
Analysts from Global Commodity Insights expect that storage facilities in the EU and the UK will be 100 percent full by the end of October.
According to Commodity Insights analysts' forecasts, in the third quarter of 2024, solar, hydro, nuclear, and wind energy supplies will be 14 GW higher than in the third quarter of 2023, and the share of coal and gas in the total energy production worldwide will fall below 20 percent.