This was stated in a report by the Gas Exporting Countries Forum (GECF).
According to the report, global natural gas consumption declined in March. Weaker demand in Asia, disruptions in LNG supply, and rising prices have accelerated a shift in several countries toward alternative energy sources, particularly coal and renewables.
During the reporting period, the average gas storage level in the European Union fell to 30 billion cubic meters, compared to 37 billion cubic meters in the same period last year, representing 29% of total capacity.
In the United States, the monthly average gas storage level rose to 53 billion cubic meters compared to 49 billion cubic meters last year, equivalent to 39% of capacity.
At the same time, the conflict in the Middle East has negatively affected flows through the Strait of Hormuz, through which about 20% of global LNG supply is transported. As a result, spot prices in the region have increased.
