As EU gas prices rise again, the IEA predicts a demand decline for blue fuel until 2026.

The spot price of gas in Europe on Tuesday exceeded the mark of $500 per thousand cubic meters for the first time since the beginning of April. The day-ahead contract on the TTF platform in the Netherlands rose to $506 in the afternoon on October 10, but the price adjusted to $486 by the end of trading.

Meanwhile, the International Energy Agency expects global natural gas demand to slow through 2026 after peaking in 2021 in developed markets such as Europe and North America. The IEA notes that global demand will grow by an average of 1.6% per year from 2022 to 2026, compared to growth of 2.5% between 2017 and 2021.

Russia’s invasion of Ukraine reduced pipeline gas supplies to Europe from Russia, which triggered a massive development of RES. At the same time, demand will grow in the markets of Asia, the Middle East, and Africa. China alone will account for half of the total growth in global demand by 2026.