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What does the Oil Price fall mean for the Gas Market?

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10 March 2020

What does the Oil Price fall mean for the Gas Market?

Report summary

On 9th March, Brent fell 30% and has seen continued volatility in the following 24 hours sending a shockwave through the global energy markets. With the gas market already depressed and underutilization of supply projects a reality: - what impact will this oil price fall have on regional gas markets? - what can we learn from previous oil price shocks? - what is different this time for the gas market? We assess the implications of a prolonged $35/bbl oil price for regional and global gas markets, considering what it means for how gas competes with coal and oil in Asia, the impact on US associated gas supply and what it might mean for longer term investments to meet future gas & LNG demand.

Table of contents

  • Downside risk to associated US gas supply
  • but the supply impact elsewhere will be more muted
  • Investments in new supply will be subject to more scrutiny
  • Regional gas markets will respond differently
  • A contraction in contracting?
    • More of the same in Europe and North America?
    • An opportunity for governments to clean up their air?

Tables and charts

This report includes 1 images and tables including:

  • Japan and South Korea: Power sector coal-to-gas switching economics

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    What does the Oil Price fall mean for the Gas Market?

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