Natural gas markets remain tight as uncertainty persists around Chinese LNG demand and further supply cuts by Russia

The global natural gas market suffered a major shock in 2022 as Russia cut pipeline deliveries to Europe substantially, placing unprecedented pressure on supply and triggering a global energy crisis.
 
Natural gas markets worldwide continued to tighten last year despite global consumption declining by an estimated 1.6% in 2022. Demand is forecast to remain flat in 2023, but the outlook is subject to a high level of uncertainty, particularly in terms of Russia’s future actions and the economic impacts of fluctuating energy prices.