Norway’s state-controlled Equinor is paying close attention to signs of industrial gas demand recovery in Europe as part of its monitoring of the global gas market, CEO Anders Opedal said Feb. 7.
Speaking to reporters following the release of the company’s fourth-quarter results, Opedal also pointed to demand increases in Asia.
“We see some interesting signs in terms of demand recovery,” Opedal said, noting rising gas consumption in China as well as a 10% increase in industrial demand in Europe, particularly in France and Germany. “We pay attention to the demand recovery in Europe and increased demand in Asia.”
Opedal also said the weather remained a key factor determining gas market dynamics.
“When we are watching the gas market going forward, we are looking at the weather — based on both the temperature for gas demand but also the production of renewables,” he said.
He added that gas storages were at “OK levels” currently following a mild winter.
European gas storage sites were filled to 68.6% of capacity as of Feb. 5, according to the latest data compiled by Gas Infrastructure Europe.
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