Gas and LNG: Five things to watch in 2024

The global market remains structurally tight as the new year approaches

The gas and LNG markets have seen unprecedented volatility and disruption in recent years, from the slump of the pandemic to the extreme price shocks following Russia’s invasion of Ukraine. Since Europe was forced to rely on LNG imports instead of Russian pipeline gas, global supply remains tight, and that is likely to persist, at least until major new LNG projects come online later this decade. One consequence is that the market is much more globally integrated now, with the result that prices are noticeably reactive to worldwide events and news, as seen with TTF prices jumping in response to threatened Australian industrial action in the summer. In this increasingly integrated context, the