2022 & Q1 2023 review and short-term outlook.
This article concludes that while gas demand collapsed in Europe in 2022 (down by 13 per cent yearon-year) and remained low in the first quarter of 2023 (down 14 per cent in Q1 2023 compared to Q1 2022), the fundamentals in the three main sectors seem to point toward a potential increase in gas consumption this year.
Understanding gas supply and demand balances in the coming months will continue to be a complex puzzle with many moving pieces, but minimizing gas demand is likely to be necessary to ease storage filling this summer and to prepare for Winter 2023/2024 (and maybe even Winter 2024/2025) as suggested by the EU Commission’s proposal to extend the voluntary gas demand cuts of 15 per cent for next winter.
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