Global demand for natural gas will increase only marginally this year as declining use in Europe stifles a post-pandemic recovery in consumption of the fuel. Demand growth will slow to 0.9% after a 4.7% advance last year, the International Energy Agency said in its quarterly gas report. While use is expected to increase in Asia and North America, demand is predicted to slump sharply in Europe. The outlook shows how hard the energy crisis has hit Europe. Benchmark gas prices tripled last year, prompting utilities to switch to dirtier-burning coal and some industrial producers to cut their use of the fuel. Gas demand in the region is forecast to plunge 4.5% after gaining 5.5% last year, the agency said. “Gas-fired power generation is expected to decline amid the strong expansion of renewables, while high gas prices continue to weigh on its competitiveness vis-a-vis coal-fired generation,” the IEA said. A […]