Natural Gas News June 11, 2020
Decline in natural gas demand may take years to reset
The global natural gas market is poised for the biggest-ever drop in demand as a result of the Coronavirus crisis, an event that’s likely to hamper the industry’s growth for years to come. Consumption is set to slump by 4% this year, or twice the amount lost after the 2008 financial crisis, according to the International Energy Agency’s Gas 2020 report. Global demand is expected to rise by just 1.5% annually to 2025, compared with a previous forecast of 1.8%. “The record decline this year represents a dramatic change of circumstances for an industry that had become used to strong increases in demand,” said Fatih Birol, the IEA’s executive director. “The Covid-19 crisis will have a lasting impact on future market developments, dampening growth rates and increasing uncertainties”. For more on this story visit worldoil.com or click https://bit.ly/3fqCdVh
The World’s Top LNG Trader Is Predicting A Natural Gas Comeback
Oil and gas supermajor Shell, which is also the world’s top liquefied natural gas (LNG) trader, is confident that the global LNG market will return to the levels before the COVID-19 pandemic, chief executive Ben
van Beurden told Bloomberg in an interview published on Wednesday. “We will obviously flex our investment program to be aligned with where we believe the sector will go, but the profitability of the business and the outlook of this business is going to be as good as what you saw before the pandemic,” van Beurden told Bloomberg. For more on this story visit oilprice.com or click https://bit.ly/2AR68GO
