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Developments in the European natural gas market

In: CNB Global Economic Outlook - March 2022

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  • Jan Hosek

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.

Suggested Citation

  • Jan Hosek, 2022. "Developments in the European natural gas market," Occasional Publications - Chapters in Edited Volumes, in: CNB Global Economic Outlook - March 2022, pages 14-20, Czech National Bank.
    • Handle: RePEc:cnb:ocpubc:geo2022/3
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