Wzburzone wody – Europejski rynek gazu w czasie pandemii
Turbulent Waters - The European Gas Market during a Pandemic

Author(s): Agata Loskot-Strachota
Subject(s): Energy and Environmental Studies, Environmental and Energy policy
Published by: OSW Ośrodek Studiów Wschodnich im. Marka Karpia
Keywords: Covid-19 impact on energy markets; NLG;
Summary/Abstract: The pandemic and measures to limit its spread are changing drastically worldwide and the European economic situation. While their final effects are unknown, they are already bouncing back on the functioning of energy markets. Demand for gas is declining - in Italy, France and Germany in the second half of March by a dozen to over 20%. At the same time, the oversupply of raw material is growing, which is what is as a result of the accelerated production in the world and increasing LNG export, and in Europe also a derivative reduced imports of Asian recipients due to the pandemic. In March, LNG deliveries to Europe reached a record volume - approx. 15 billion m3. As a result, the prices of raw materials on the stock exchanges drop to exceptionally low levels. The situation on the market is hitting exporters and will have an impact on investments and supply of raw material. LNG suppliers, including those from the USA, are primarily affected. The crisis is not however, it bypasses traditional exporters to the European market (Russia, Norway), and low oil prices will translate the fall (with a delay) of the related gas prices in long-term contracts.

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