Developments in the European natural gas market

Jan Hosek

A chapter in CNB Global Economic Outlook - March 2022, 2022, pp 14-20 from Czech National Bank, Research and Statistics Department

Abstract: Global gas prices rose sharply in 2021, culminating in turbulence in December. To understand the reasons for this, we need to look not only at economic fundamentals such as demand, supply and inventories and at the global geopolitical situation, but also at the significant changes in how natural gas has been traded over the past two decades. This article shows that a wide range of factors affect the price of natural gas, and the interplay of these factors caused prices in Europe and Asia to reach historical highs at the end of 2021, which were, however, surpassed because of Russian military invasion of Ukraine. Based on market outlooks and related analyses, we cannot expect natural gas prices to decline rapidly in the coming years.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:cnb:ocpubc:geo2022/3

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