IEA Warns Global Gas Crunch Could Last Well into 2027

AI Summary

The International Energy Agency warns that global gas markets may remain tight into 2027, with Europe entering the heating season at its lowest storage levels in more than a decade. The report says the Strait of Hormuz crisis has disrupted gas markets in Europe and Asia despite greater market connectivity and flexible LNG trade.

The global gas market could remain tight well into next year as Europe enters the heating season with the lowest levels of gas in storage in over a decade, the International Energy Agency (IEA) said in a new report on Tuesday.  Despite the strengthened interconnectivity of the various regional gas markets in recent years, thanks to expanded spot trading and a higher number of destination-flexible LNG cargoes, the Strait of Hormuz crisis has seriously affected gas markets in Europe and Asia, according to the IEA’s Global Gas Security…