European storage growth unaffected by higher power demand

This current feature was extracted from the latest edition of Poten’s LNG Market Outlook, a monthly service published on July 26, 2022.

There have been reports of higher summer temperatures in many regions, especially India, Japan, and Europe; however, the impact on LNG demand for power generation remains to be seen. European power demand in 3Q 2022 is forecast to climb by 20% over 2Q 2022 and 15% over 3Q 2021 numbers to 28 Bcm driven by higher demand in the Mediterranean.

3Q 2022 power demand in Asia is expected to be mostly flat when compared to 3Q 2021 but will still increase from 2Q 2022 levels based on the normal seasonal trend. In Japan and India, demand from the power sector is not expected to increase by a significant amount until 4Q 2022.

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