The surge in U.S. natural gas prices has spurred world gas prices

Recent high temperatures dry weather in several western states have further boosted demand for natural gas, driving U.S. gas prices to their highest levels for this time in nearly four years. Natural gas other sources of electricity are also needed to make up for the loss of hydroelectric resources caused by high temperatures drought. Outside the U.S., Dutch gas prices, which reflect prices in Western Europe, have more than doubled a year ago, while in Asia, prices for imported liquefied natural gas have more than quintupled since June last year.

In mid-April, the IEA forecast that Asian gas consumption was expected to rise 5% this year a year earlier, ahead of the global average, thanks to a significant economic rebound, with China accounting for 56% of the projected increase. Similar to the crude oil market, the rebound in demand at the same time, the recovery of supply slightly lag, although some manufacturers are cautious expansion, but there are industry personage points out, to fully recover to the front of the epidemic levels may take some time, may wait until at least 2022 years, in this case, the current U.S. natural gas inventories are about 5% below the average level in five years.

If the United States imports more gas exports less gas, it is bound to impact the world gas market, Eurasian gas prices soared even more. The gas thermal power industry in developed countries, even the gas pipeline industry in China, the price pressure has increased sharply. Separately, Bloomberg reported that Qatar's energy minister said the country had received bids buyers of liquefied natural gas, twice what Qatar had expected.

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Source: International Gas Network