Europe & Russia: Consumption
Although warm and dry conditions are supporting gas offtake in some markets this summer, growth in Q4 is likely to be moderate barring a cold start to the winter.
French gas demand is expected to rise on an annual basis in July. This follows declines earlier in the year. The country’s gas demand fell by 8% in June year on year after having dropped by around 4% on an annual basis between the start of April and the end of May. However, demand rose by around 5% year on year over the first half of July, driven by a jump in offtake from the power sector. Power sector gas use is expected to rise on an annual basis in July as a whole. Further gains could be seen in August as the weather is forecast to be largely warm and dry, which could boost demand for electricity generation over the coming weeks and support further gains for gas in the power sector.