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Natural Gas Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data
Report Format: PDF+Excel | Report ID: SR112024A22409
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Natural Gas Prices December 2023
| Product | Category | Region | Price |
|---|---|---|---|
| Natural Gas | Feedstock | China | 3485 USD/1000 MMBtu |
The natural gas prices in China have fallen significantly because of abundant supply, decreased demand, and record production. The price of natural gas in China for Q4 2023 reached 3485 USD/1000 MMBtu in December.
Natural Gas Price Trend, Market Analysis, and News
IMARC’s newly published report, titled Natural Gas Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data, offers an in-depth analysis of natural gas pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.
It encompasses an in-depth review of spot prices at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of price trends across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
The report examines the elements influencing natural gas price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.
Natural Gas Market Analysis
The global natural gas market size reached US$ 1,029.9 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 2,311.8 Billion, at a projected CAGR of 9.40% during 2023-2032.
- The global natural gas market is mainly driven by the increasing global energy demand, the transition towards cleaner energy sources, and technological advancements in natural gas extraction and distribution. According to Enerdata, global gas production remained stable in 2022 after a 4.3% increase in 2021, with Russia experiencing a 12% decrease due to lower exports to Europe, while North America, the Middle East, China, and Australia saw higher output, contributing to the overall stability in production levels.
- The global push towards greener alternatives to coal and oil has advanced natural gas as a preferred option as natural gas has lower carbon emissions which supports the global efforts to combat climate change. According to Forbes, U.S. natural gas production increased, doubling from 2005 to 2022, reclaiming the global lead with a 3.6% growth in 2022 to a record high of 94.7 billion cubic feet per day, surpassing the Middle East's production share.
- According to a blog by True Natural Gas, in 2024, innovations in natural gas technology focus on Renewable Natural Gas (RNG) expansion, hydrogen blending for cleaner fuel mixtures, smart methane detection systems to reduce leaks, and energy efficiency solutions for optimized usage and sustainability goals, shaping an eco-friendlier energy landscape with a commitment to efficiency and environmental responsibility.
- The geopolitical landscape also plays an important role with natural gas supply security becoming a more strategic priority for many countries across the globe which influences international trade dynamics and investments in LNG infrastructure. According to Deloitte, innovations and collaborations remain at the core of the sector's success as Australia, with over AUS$200 billion in new and existing projects, emerges as the world's largest LNG exporting nation.
- Natural gas is extensively used for power generation, heating, and as a feedstock in various industrial processes. According to the U.S. Energy Information Administration, the United States consumed approximately 32.31 trillion cubic feet of natural gas in 2022, equivalent to about 33.41 quadrillion British thermal units, with electricity generation and heating being the primary uses. The electric power sector accounted for about 38% of total U.S. natural gas consumption, while the industrial sector used around 32%, residential sector 15%, commercial sector 11%, and transportation sector 4% of the total natural gas consumption in 2022.
Natural Gas News
The report covers the latest developments, updates, and trends impacting the global natural gas market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in natural gas production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that shape the industry landscape.
Latest developments in the natural gas industry:
- In 2024, Enbridge Inc., a Canadian multinational pipeline and energy company has signed a definitive agreement with WhiteWater/I Squared Capital and MPLX LP to form a joint venture (JV) to develop, build, own, and operate natural gas pipeline and storage assets that will connect Permian Basin natural gas supply to growing LNG and US Gulf Coast demand.
- In 2023, AstraZeneca a global, science-led biopharmaceutical company is partnering with Vanguard Renewables to deliver renewable natural gas to all its US sites by the end of 2026. The collaboration will leverage food and agricultural waste to power the sites and contribute to the circular economy, reducing greenhouse gas emissions and supporting rural communities.
Product Description
Natural gas is a versatile fossil fuel that is primarily composed of methane and small amounts of other hydrocarbons. Natural gas is a colorless and odorless gas that is extracted from underground reservoirs through drilling. Natural gas is a clean-burning energy source that plays a crucial role in various sectors including power generation, heating, industrial processes, and transportation. It is considered a relatively cleaner alternative to coal and oil because of its lower carbon emissions when burned. Natural gas is transported through pipelines or in liquid form (LNG) for efficient distribution. Its abundance, accessibility, and relatively lower environmental impact have made it a popular choice for meeting energy needs globally. As countries strive to transition to more sustainable energy sources natural gas continues to be a significant part of the energy mix due to its reliability and lower greenhouse gas emissions as compared to other fossil fuels.
Regional Coverage
The report provides a detailed analysis of the natural gas market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the price trends.
Global Natural Gas Price
The report offers a holistic view of the global natural gas pricing trends, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level.
Europe Natural Gas Price
The natural gas market in Europe during Q4 2023 has been bearish due to the ongoing energy crisis, weak global economy, and other factors such as supply bottlenecks and increasing demand. Despite freezing temperatures and supply disruptions, natural gas prices in Germany have continued to decline. The high domestic storage in Europe decreased the usual demand. However, the pricing trend is expected to increase slightly due to the colder-than-normal winter forecast.
This analysis can be extended to include detailed natural gas price information for a comprehensive list of countries.
| Region | Countries Covered |
|---|---|
| Europe | Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal, and Greece, among other European countries. |
North America Natural Gas Price
The North American natural gas market saw a bullish trend due to high demand from the Mexican market, while domestic gas storage declined leading to a price hike. The colder winter forecast and increased demand in the power sector drove up prices. However, the average gas output in the US reached a new record, leading to a decline in prices, resulting in a bearish market trend in December.
Specific data on natural gas prices within the United States and Canada can also be provided.
| Region | Countries Covered |
|---|---|
| North America | United States and Canada |
Middle East and Africa Natural Gas Price
During quarter four, no natural gas plants have been shut down. The MEA region has seen increased demand for gas due to the slump in Russian Gas production and household demand from India during the festive season. The Saudi Arabian Natural Gas market saw a significant hike due to global LNG prices going up, and Qatar has signed agreements with leading gas producers to ease future gas supply concerns and compete with the United States.
In addition to region-wise data, information on natural gas prices for countries can also be provided.
| Region | Countries Covered |
|---|---|
| Middle East & Africa | Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco, among other Middle Eastern and African countries. |
Aisa Pacific Natural Gas Price
Natural gas prices in the APAC region for Q4 2023 have been influenced by mild weather conditions in Europe and the USA, the Israel-Hamas conflict, and supply bottlenecks. Increased demand in the power sector and the gradual drying up of gas inventory during winter have boosted market prices. China has seen a significant decrease in prices due to abundant inventory levels, diminished demand, and record production, but colder-than-normal winter forecasts are expected to drive prices up.
This analysis can be further extended to include detailed natural gas prices for a comprehensive list of countries within the region.
| Region | Countries Covered |
|---|---|
| Asia Pacific | China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand, among other Asian countries. |
Latin America Natural Gas Price
The analysis of natural gas prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.
This comprehensive review can be extended to include specific countries within the region.
| Region | Countries Covered |
|---|---|
| Latin America | Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru, among other Latin American countries. |
Report Coverage
| Key Attributes | Details |
|---|---|
| Product Name | Natural Gas |
| Report Features | Exploration of Historical Trends and Market Outlook, Industry Demand, Industry Supply, Gap Analysis, Challenges, Price Analysis, and Segment-Wise Assessment. |
| Currency/Units | US$ (Data can also be provided in local currency) or Metric Tons |
| Region/Countries Covered | The current coverage includes analysis at the global and regional levels only. Based on your requirements, we can also customize the report and provide specific information for the following countries: Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand* Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece* North America: United States and Canada Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru* Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco* *The list of countries presented is not exhaustive. Information on additional countries can be provided if required by the client. |
| Information Covered for Key Suppliers |
|
| Customization Scope | The report can be customized as per the requirements of the customer |
| Report Price and Purchase Option |
Plan A: Monthly Updates - Annual Subscription
Plan B: Quarterly Updates - Annual Subscription
Plan C: Biannually Updates - Annual Subscription
|
| Post-Sale Analyst Support | 360-degree analyst support after report delivery |
| Delivery Format | PDF and Excel through email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC’s report presents a detailed analysis of natural gas pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
- The study examines factors affecting natural gas price volatility, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
- The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
- IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights, ensuring they remain at the forefront of the natural gas industry.
Need more help?
- Speak to our experienced analysts for insights on the current market scenarios.
- Include additional segments and countries to customize the report as per your requirement.
- Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
- For further assistance, please connect with our analysts.
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