Oxford Energy Podcast – Quarterly Gas Review
In this latest OIES Podcast James Henderson discusses the July Quarterly Gas Review with Mike Fulwood and Jack Sharples. They review the impact of COVID 19 on global gas markets by examining various key indicators and also by updating our global gas model and extending the range of our forecasts to 2025. After a look at various price indicators they review four key topics. The first considers the storage situation in Europe and the impact of LNG flows. The second reviews physical flows of Russian gas, a key balancing source of gas supply in Europe, via various transit routes in the first half of 2020. The third addresses our forecasts for global gas supply and demand, with a focus on the LNG market, in the wake of the COVID 19 crisis and extends the analysis to 2025. The overall conclusion is that global gas demand can rebound to 2019 levels in 2021, but that it will be 2025 before the full impact of the COVID 19 crisis has unwound as it will take five years before our previous pre-COVID base case forecasts can be met. Finally, we return to the theme of Russian gas exports and look at Gazprom’s developing Asian plans, which were the focus of the company’s recent AGM.
