Since the outbreak of the Russia-Ukraine conflict, especially after the explosion of the Nord Stream 1 pipeline, the global natural gas market has undergone profound changes. In 2023, the natural gas market as a whole was in the process of rebalancing, with gas prices falling sharply and gradually approaching normal levels. Looking forward to 2024 and the medium to long term, the natural gas market is still facing uncertainty, energy transition will continue to drive the growth of natural gas demand, at the same time, natural gas supply is expected to increase year-on-year, the global natural gas supply and demand is in a loose pattern, and it is expected that the center of gravity of natural gas price fluctuations may continue to move downward, maintaining a weak finishing trend.