In the second quarter of 2022, European and Asian spot gas prices were on average lower than the levels of the first quarter but experienced strong trend variations. After an exceptional price surge in the days following the invasion of Ukraine in early March, prices fell back to levels of around $20/MBtu to $30/MBtu until mid-June. In Europe, the mild temperatures, the sharp fall in gas consumption, the growth in LNG imports and the high inventory filling rates had a moderating effect on prices. But since mid-June, Russian gas supply cuts through the Nord Stream pipeline and the shutdown of the Freeport LNG plant in the United States have caused spot prices to soar again. Europe is entering the third quarter on high alert, with the risk of prolonged disruptions in Russian gas supplies, prompting emergency measures.
The International Association Cedigaz has just released its hydrogen report: “The United States of America enters the global clean hydrogen race”, which assesses market developments, policies and prospects of the hydrogen industry in the United States. The report also provides data on US clean hydrogen production projects.
Although late in adopting clean hydrogen and lagging behind other major nations in defining a national strategy, the United States has prepared the groundwork for several years and is well positioned to become a global leader in clean hydrogen. The US Government is determined to lead the race in the global clean hydrogen market.
In 2021, global gas demand surged 4.5% and recorded the largest volumetric growth on record, with an annual gain of 173 bcm that more than offset the 2020 2% decline. This strong rebound took place in the context of a faster than expected economic recovery following the lifting of lockdowns and a strong growth of global energy demand. Both economic, geopolitical and weather factors contributed to the growing and unprecedented tightness of the global gas market. They led to an explosion of Asian and European spot prices to historic highs.