Nat Gas News – January 15, 2019
EIA forecasts declining natural gas consumption in US power sector in 2021
S&P Global reported: Competing renewables and expected higher natural gas prices have prompted the US Energy Information Administration to forecast that natural gas consumption in the power sector will fall 3.2% in 2021 after witnessing slower growth in 2020. The agency, in its January Short-Term Energy Outlook, said electric generation consumed an average 31 Bcf/d in 2019, up 7% from 2018 because of new gas-fired generation capacity and competitive gas prices. Declining power sector
consumption in 2021 reflects competition amid continuing renewables capacity additions, the outlook said. The slowing consumption “also reflects a forecast of higher natural gas spot prices in 2021 compared with 2020, which would make natural gas less competitive against coal in power markets,” EIA added. Alongside the consumption trend, the agency outlook expects that total marketed gas production will slow in 2021 to an average 101.6 Bcf/d, down from 102.06 Bcf/d forecast in 2020. For more on this story visit spglobal.com or click https://bit.ly/2uRNU5e
U.S. Sees Most Available Oil And Natural Gas In History
Wyoming Public Media reports: Recent data shows that the U.S. had more minable oil and natural gas reserves than ever before. “Proved” oil and gas reserves are the amount that drillers could get out of the ground affordably and with current technology. The U.S. Energy Information Administration found that in 2018, those reserves reached historic peaks. After decades of decline starting in the 70s, the advent of fracking in the mid-2000’s boosted the amount of oil and gas we could get leading to these recent highs. Peter Maniloff, an assistant professor of economics at the Colorado School of Mines, says more reserves may mean more employment in oil and gas states, but, “There’s the saying that the stone age didn’t end because they ran out of stones. We have vast quantities of fossil fuels in the ground. If we’re going to address climate change, then we’re going to have to leave some of them in the ground.” For more on this story visit wyomingpublicmedia.org or click https://bit.ly/385XbVF
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