Statement on recent developments in natural gas and electricity markets – News – IEA

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The steep rise in European gas prices has been driven by a combination of a strong recovery in demand and tighter-than-expected supply, as well as several weather-related factors. These include a particularly cold and long heating season in Europe last winter, and lower-than-usual availability of wind energy in recent weeks.European prices also reflect broader global gas market dynamics. There were strong cold spells in East Asia and North America in the first quarter of 2021. They were followed by heatwaves in Asia and drought in various regions, including Brazil. All of these developments added to the upward trend in gas demand. In Asia, gas demand has remained strong throughout the year, primarily driven by China, but also by Japan and Korea. On the supply side, liquefied natural gas (LNG) production worldwide has been lower than expected due to a series of unplanned outages and delays across the globe and delayed maintenance from 2020.“Recent increases in gl
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