Gas demand in Portugal has been hit by a combination of a weak domestic economy, mild temperatures, strong renewable generation and increased power imports (driven by high hydro output in Spain). Demand is anticipated to rise in 2015, assuming a return to weather conditions. As in Spain, LNG prices in Portugal are increasingly determined by global LNG dynamics.
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Volatility in oil markets and the growth of unconventional gas supply have created a high degree of uncertainty about future gas demand and the direction of gas prices.
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Commodity market report | Dec 2014
Portugal gas markets long-term outlook H2 2014
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