Gas Demand Drops for First Time in 50 Years

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Monday, June 29, 2009 at 01:43PM

Gas Demand is projected to drop for the first time according to the International Energy Agency (IEA): "For the first time in 50 years, the world will witness a drop in global gas demand." This projection was reported in their Natural Gas Market Review 2009.

"We have moved from a tight supply and demand balance with extremely high gas prices to an easing one with plummeting prices...Both markets face enormous uncertainty surrounding the timing, pace and extent of any economic rebound, which affects all prognoses for oil and gas market fundamentals over the next five years."

Low prices combined with falling sales reduced producer cash flows, further exacerbated by the current credit crunch which undermines new development projects, according to the IEA: "Financing problems are likely to bedevil all new construction projects in 2009 and even into 2010.

* SPECIAL OIL & GAS,

Oil & Gas |

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