Gas Prices: Divorcing Oil?

Dans le cadre de l'Ifri Energy Breakfast Roundtable, un séminaire avec Miharu Kanai, Senior Associate, Menecon Far Eastern markets, Jean-Arnold Vinois, Chef d'Unité, politique de l'énergie et sécurité d'approvisionnement, DG Energie, Commission européeene, un représentant du secteur industriel (à confirmer). Présidence : William C. Ramsay, chercheur, directeur du Programme Energie de l'Ifri et Jacques Lesourne, président du comité scientifique du Programme Energie de l'Ifri.

Gas prices in many markets have traditionally been linked in various ways to oil. This is particularly the case in European markets and in Far Eastern markets that collectIvely refer to the Japanese Crude Cocktail (JCC). In North America, gas and oil end use markets have progressively become separated with some residual links in Northeast heating markets. The continuing arrival of substantial LNG on the market, the economic collapse of 2008 and the meteoric rise in US unconventional gas have destabilized the old order. Market terms of trade have shifted momentarily to buyers. But it is not that easy. The old order had its merits. Some current market phenomena may be ephemeral. Many factors are at play: in power markets; rapidly growing emerging markets; unconventional plays outside the US; the impact of liquids markets on gas producers. This Roundtable will explore these and other factors at play and their directionality. But by all indications, a stable global gas pricing standard is unlikely to appear any time soon if ever.