O The gas market rebalanced in 2023, after a year of strong tensions resulting from Russia’s invasion of Ukraine, but prices are expected to remain high until 2025, according to the latest Crédito y Caución report, released this Monday.
“In December 2023, gas prices registered year-on-year falls of 68% in the United States, 54% in Europe and 39% in Asia. Despite this global decline, gas market volatility remains high and prices remain well above their historical averages, both in Asia and Europe“, can be read in a statement to which the News by the Minute had access.
The study therefore reveals that “the Gas prices will remain high until the middle of this decade as global gas markets continue to adjust to the loss of Russian gas supplies by pipeline to Europe”.
“This will have an impact on prices in other importing regions, although the effects in Asia will be mitigated by the indexation of many long-term contracts to oil prices. After 2025, improved liquefied natural gas transport capacity will reshape the gas market , reducing prices in the main regions”, it can be read.
Crédito y Caución also expects global gas demand to peak in the coming years and begin to decline in the second half of the 2020s.
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