China Remains Critical Variable in Global Gas Market in 2023

March 23, 2023--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--The economists were right when they said the best cure for high prices was high prices. In this case, natural gas prices in Europe and Asia skyrocketed last year following Russia's invasion of Ukraine in February 2022. But a combination of high prices, fuel switching, demand destruction, a warm winter, increased storage and increased imports on liquefied natural gas (LNG) helped bring gas prices down to their pre-invasion levels by the end of 2022. In a new report on global gas markets, the International Energy Agency (IEA) (Paris, France) predicted gas prices will continue falling throughout most of 2023, to well below the pre-invasion prices.