The African Energy Chamber has notably found that while not insulated to COVID-19, gas markets have been less exposed than that of oil to the shocks of 2020

In its latest Africa Energy Outlook 2021 released earlier this week, the African Energy Chamber forecasts increased gas monetization across the continent on the back of decarbonisation and industrialisation drive. The African Energy Chamber has notably found that while not insulated to COVID-19, gas markets have been less exposed than that of oil to the shocks of 2020, notably because the transportation industry has been the most affected by the COVID-19 pandemic and is more oil-demanding than gas.

The global gas market was nevertheless already facing a glut of LNG before COVID-19, resulting in even more depressed prices as the pandemic’s impact on demand started to manifest in the spring of 2020. As a result, key reference prices in Europe, North America and Asia all have experienced negative pressure since the start of 2020.

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Source: OrientEnergyReview