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World Natural Gas Consumption Growth – February Report Overview
In February, global natural gas consumption experienced significant growth across various regions, driven by colder-than-average weather and heightened demand in multiple sectors, according to the monthly report from the Gas Exporting Countries Forum (GECF) released on Monday.
Key Highlights of Gas Consumption
The GECF reported that natural gas consumption within the European Union saw a remarkable year-on-year increase of 21%, amounting to 38 billion cubic meters. This marks the sixth consecutive month of growth, primarily attributed to increased heating demand caused by severe winter temperatures. Additionally, a decline in wind and hydroelectric power production has amplified reliance on gas-fired plants to maintain electrical grid stability.
In the United States, natural gas usage also rose by 7% year-on-year from February 2024, reaching 89 billion cubic meters. The residential and commercial sectors were the primary contributors to this increase, benefiting from colder weather conditions during the month.
Global Liquefied Natural Gas (LNG) Imports
Globally, liquefied natural gas (LNG) imports grew by 3.7% compared to last year, hitting a record 34.9 million tons in February. The GECF noted that this uptick marks an end to three consecutive months of decline.
Europe emerged as the leading region driving the growth in LNG imports. Conversely, demand for LNG in the Asia-Pacific region continued to decrease for the fourth month in a row due to reduced gas consumption in several countries.
LNG Pricing Trends
Regarding LNG spot prices, there was a slight increase of 4% in February 2025 compared to January 2025. The GECF indicated that the global gas market is expected to remain relatively balanced throughout 2025, supported by a robust global demand growth of 2% and a strong worldwide economic growth rate of 3% in GDP.
Asian nations, highly reliant on LNG imports, are projected to remain a key driver of global demand.
Supply Outlook for LNG
The report highlights that the supply of LNG is anticipated to remain “tense” in 2025, despite the expected addition of 54 million tons of new liquefaction capacity annually. However, a significant portion of this new capacity may only become operational by the end of the year.
In summary, the GECF’s February report underscores a substantial rise in global gas consumption, particularly in the EU and the U.S., driven by colder temperatures and increased heating needs.
In addition, LNG imports are rebounding, primarily fueled by European demand, while Asia faces declining LNG consumption. As the market looks ahead, prices are expected to rise slightly, and the supply side remains challenged despite new capacity additions on the horizon.
