In 2024, the natural gas and LNG markets continued to endure the knock-on effects of the acute supply and price volatility experienced in 2023. While supply and demand dynamics stabilised relative to the prior year, markets remained fragile with ongoing geopolitical tensions, changing energy policies, severe adverse climatic disruptions, and new contracting behaviours fuelling continued variability and unpredictability in market dynamics.
For many, these events presented a wealth of opportunities. For others, however, they created great uncertainty, instability, and expense. As we now reflect on the last 12 months, security of supply remains a fundamental issue for market players, together with maximising opportunities along gas and LNG value chains through price negotiation and enhanced flexibility.
This piece provides summaries of the various specific market events that took place in 2024 that, together, tested the elasticity of global energy markets, and the contractual arrangements that operate within them.
