European gas demand returned to double-digit growth in January 24

European gas demand returned to double-digit growth in January 24, supported by colder weather and stronger gas use in industry.

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European gas consumption grew by an estimated 12% in Jan24 – its strongest growth rate since May21 (when the market was recovering after covid).

Colder weather boosted gas use in residential / commercial, climbing up by an estimated 11% yoy.

Gas burn in the power sector rose by close to 4% yoy, driven by higher electricity demand (which was partly due to colder weather).

And we continue to see industrial gas consumption climbing back as well, as lower gas prices are now supporting stronger demand from the most gas-and energy-intensive sectors.

Source: Greg Molnar

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