It was last assessed on July 17 at Eur25.65/MWh. The benchmark Dutch TTF month-ahead price averaged Eur44.11/MWh in the first half, according to Platts pricing data by S&P Global Commodity Insights. Gas prices are currently well down compared with the first six months of the year. The new 7% decline forecast, the IEA said, is largely driven by lower gas burn in the power sector, which is seen down by 15% amid rapidly expanding renewables and lower electricity consumption.Īnd gas use in industry is expected to stay close to last year's levels, as lower gas prices enable demand recovery in the second half of the year, offsetting the losses in the first half, it said.
In its previous quarterly report in May, the IEA said European gas demand was forecast to decline by 5% to 498 Bcm which was already a revision down from its previous forecast from February of 505 Bcm.
In its latest quarterly gas market report published late July 17 alongside its annual gas security review, the IEA said European gas demand is now forecast to fall by 7% year on year in 2023 to 489 Bcm.
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