The global gas and liquefied natural gas industries are set for another bumpy year, according to Wood Mackenzie, although prices are expected to fall if the Nord Stream 2 pipeline is commissioned.

Key determinants of how prices will trend in 2022 were said to be weather dynamics and the timing of the start-up of the controversial Nord Stream 2.

The consultancy’s analysis suggests that at current levels of Russian exports and considering weather conditions in line with averages, European storage inventories will fall below 15 billion cubic metres by the end of March, a record low.