India's natural gas consumption in 2023 revised upwards on softening LNG prices. |
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| Chemical Weekly (CBNB Abstracts) |
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The International Energy Agency (IEA) has amended upwards the natural gas consumption of India in FY 2023, as international prices of liquefied natural gas (LNG) soften to $11-12/mBtu. In 4Q 2022 gas market report, IEA projected an increase of 2% in the country's local consumption in Oct 2022. Natural gas demand in Jan 2023 grew by 14% y-o-y according to 2Q 2023 report of IEA. The fertiliser market accounts for around 35% of the natural gas demand in the country, followed by city gas distribution at 20% and the power sector at 14%. Local gas prices from legacy fields fluctuated from a low of $1.79/mBtu in 2021 to a high of $8.57 in Oct 2022 to Mar 2023. In Aug 2022, spot LNG prices in Asia reached a record high of $70/mBtu, versus to $23.5/mBtu in Jun 2022. In Dec 2022, it softened to $35. In 2022, gas consumption in India dropped by 5%. LNG imports decreased by 17% y-o-y in 2022. Original Source: Chemical Weekly, http://www.chemicalweekly.com/.
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