⁍ coronavirus pandemic will cut global natural gas and liquefied natural gas demand by about 4% in 2020 from record highs in 2019.
⁍ Analysts said prices are still low and are expected to remain relatively low for years.
⁍ The collapse in global gas demand due to government lockdowns to stop the spread of the virus caused prices to fall to record lows in Europe and Asia earlier this year.
– Natural gas prices may be at 24-year lows, but they’re expected to stay low for a long time. That’s the takeaway from a new study from the International Gas Union, Bloomberg, and an Italian gas company. The report projects global gas demand will fall 4% in 2020 from record highs in 2019, due in part to the spread of the coronavirus, which is believed to have infected hundreds of thousands of people in Europe and Asia, reports the Wall Street Journal. However, the report predicts demand will recover to pre-Covid-19 levels in the next two years as the world economy regains momentum, per Reuters.
Source: https://www.reuters.com/article/natgas-lng-coronavirus/pandemic-to-cut-global-gas-and-lng-demand-by-about-4-in-2020-industry-group-idUSL1N2F8114