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:
Global gas consumption is estimated to have decreased in March 2026,
driven by weaker demand across Asia where LNG supply disruptions and surging spot LNG
prices triggered a shift toward other energy sources, in particular coal and renewables. This
pivot was most pronounced in price-sensitive markets, many of which implemented
emergency conservation measures. However, the gas consumption decline remained lower
than the drop in gas production, as storage withdrawals and the arrival of LNG cargoes loaded
in February helped cushion the immediate shortfall.
Gas production:
Global gas production is estimated to have declined by approximately 20 bcm
in March 2026 as Middle Eastern output fell due to LNG export halts in Qatar and the UAE,
reduced associated gas production from shut-in oil fields in Saudi Arabia, Iraq and Kuwait, and
damage to upstream facilities, particularly in Iran. In contrast, US output maintained its
upward trajectory, rising 2.5% y-o-y to 96.1 bcm to support growing LNG exports. On the
upstream front, the Harmattan offshore gas field in Egypt – a GECF Member Country –
reached the FID stage, with 500 million USD of investment allocated to bolster production.
Gas trade:
Global LNG imports fell 1.7% y-o-y to 36.3 Mt in March 2026, the first y-o-y
contraction since January 2025, as the Strait of Hormuz blockade constrained Middle Eastern
supply, particularly from Qatar and the UAE. This impact was partially softened by a transit lag,
as LNG cargoes loaded in February continued to reach markets despite a sharper 6.8% drop in
global LNG exports. Asia faced the largest decline, with imports hitting a seven-year low for
March as the market braced for a tightening supply squeeze, especially significant given that
over 80% of the LNG transiting the Strait was destined for Asian markets before the conflict.
Gas storage:
Net gas withdrawals came to a close in Northern Hemisphere countries, as the
2025/26 winter season ended. In March 2026, the EU monthly average gas storage level
dropped to 30 bcm, representing 29% of capacity, compared to a 37 bcm storage level one
year prior. In the US, the monthly average storage level stood at 53 bcm, or 39% of capacity,
compared to 49 bcm one year ago.
Energy prices:
In March 2026, regional spot prices surged amid the escalating conflict in the
Middle East, which disrupted LNG flows through the Strait of Hormuz, typically representing
20% of global LNG supply. TTF prices rose by 58% m-o-m to $17.8/MMBtu, while NEA spot
LNG prices surged by 94% to $20.9/MMBtu, reflecting tighter market balances, cargo
diversions to Asia and heightened volatility. Despite the supply shock, prices remained
below the 2022 crisis peaks, with the prices being supported by higher LNG exports from
the US and Canada and weaker seasonal demand. In contrast, HH prices declined to
$3.1/MMBtu amid softer heating demand and rising production