Europe & Russia: Consumption
Gas consumption looks set to decline in some of Europe’s major markets over the coming weeks, which will weigh on the outlook for regional consumption this winter.
Gas demand in the UK was hit by mild temperatures in October, and consumption is estimated to have fallen by around 2% year on year over the month. While some further gains could be seen in late November, with below-average temperatures in much of the country pushing up requirements for heating-related gas use, the more moderate weather forecast to dominate in December will limit the upside for seasonal gas use towards the end of 2017. Total gas demand over the first 10 months of the year was broadly flat compared with 2016, and significant growth in gas use in December is unlikely. Requirements for gas-fired power generation also look likely to be limited, which will weigh on overall gas use.