Letter from Italy: Faith in gas reaches new zenith

Politicians and executives alike expressed confidence in the trajectory for gas demand at this year’s Gastech, and record volumes of FIDs suggest little concern about a supply glut

It should come as no surprise that confidence in gas was strong at the industry’s largest annual event, the Gastech conference and exhibition, which took place in Milan, Italy, on 9–12 September. What felt new was the sheer level of that confidence. Industry executives were bullish on future gas demand, citing the expected surge in energy use driven by economic development and the rise of AI, as well as the fuel’s importance throughout the energy transition. This comes despite a broad consensus that the LNG market will loosen significantly in the late 2020s–early 2030s, chiefly due to additional US and Qatari volumes coming onstream. Today’s confidence contrasts sharply with the uncertainty