The Gas Exporting Countries Forum (GECF or Forum) ‘Monthly Gas Market Report (MGMR)’ is a monthly publication of the GECF focusing on short-term developments in the global gas market related to the global economy, gas consumption, gas production, gas trade (pipeline gas and LNG), gas storage and energy prices.
The highlights of the April report are as follows:
Gas consumption:
The projected global gas consumption growth for 2025 has been estimated at 2%, driven by North America and Asia. In March 2025, EU gas demand surged by 5.2% y-o-y, reaching 32 bcm, primarily driven by higher consumption in the power and residential sectors. Conversely, US gas consumption declined by 2.3% y-o-y to 77 bcm driven by lower demand across multiple sectors. In February 2025, China’s apparent gas demand recorded a decline of 4.5% y-o-y to 33.7 bcm, due to mild weather, which limited heating requirements in the north, and an earlier Lunar New Year holiday, which led to an extended industrial slowdown.
Gas production:
The projected global gas production growth for 2025 has been estimated at 2%, driven by a strong output in the Middle East. In March 2025, US gas production maintained its positive trend this year to reach an output of 92 bcm, a 2.4% y-o-y rise, due to favourable Henry Hub gas prices. In contrast, Europe’s gas production witnessed a sharp decline of 14% y-o-y in February 2025, reaching 14.8 bcm, primarily due to reduced output from Norway and the Netherlands. Moreover, Asia Pacific witnessed a 1.7% y-o-y decline driven by the reduced output in the main Asian producers, which was partially offset by Chinese production growth. On the upstream front, Trinidad and Tobago – a GECF member country – commenced production from the offshore Cypre field.
Gas trade:
In March 2025, global LNG imports rose by 8.4% y-o-y to a record high of 37.8 Mt for the month, marking the strongest annual increase since November 2022. Europe led the growth, supported by higher imports in the MENA region, offsetting declines elsewhere. High TTF prices compared to Asian spot LNG attracted more US cargoes to Europe, where weaker pipeline gas supply, rising gas use, and better netbacks boosted imports. In contrast, lower LNG demand in China weighed on Asian LNG imports. On the infrastructure front, Mauritania and Senegal – two GECF member countries – joined the ranks of LNG exporters in April, with the first cargo shipped from the GTA FLNG facility, located on their maritime border.
Gas storage:
In March 2025, Northern Hemisphere countries marked the final month of the 2024/2025 winter period. The monthly average gas storage level in the EU decreased to 37 bcm (35% of regional capacity), down from 63 bcm one year ago. Although net gas injections commenced early in the US, the average gas storage level still decreased to 49 bcm (37% of the country's capacity), compared to 65 bcm a year ago. In Asia, the combined LNG storage level in Japan and South Korea dropped to 8.3 bcm, compared to 10.2 bcm in March 2024.
Energy prices:
In March 2025, both European and Asian gas price benchmarks saw notable m- o-m declines. TTF and NEA LNG spot prices averaged $13/MMBtu, each registering a sharp 11% decrease compared to the previous month. In the US, the Henry Hub spot price also edged lower, falling by 2% m-o-m to average $4.13/MMBtu. Looking ahead, the escalating trade war and growing concerns over a potential global economic slowdown are expected to weigh on industrial activity, dampening global gas demand, thus putting further downward pressure on spot prices across key markets.