U.S. Natgas Futures Up 1% On Hotter Forecasts For Next Week
U.S. natural gas futures edged up about 1% on Wednesday, on forecasts for hotter weather and more air conditioning demand next week than previously expected. That price increase came despite a rise in output to record highs in recent days. So far this summer, electric companies have burned record amounts of gas to meet soaring power use to keep air conditioners humming. Power demand in Texas was expected to break records again this week. Gas-fired plants have provided more than 40% of U.S. power in recent weeks, according to federal energy data, even though gas futures soared about 52% in July. That is partly because coal prices keep hitting record highs, making it uneconomical for some generators to use their coal-fired plants. One factor weighing on gas futures most of the summer was the shutdown of the Freeport… For more info go to https://bit.ly/3QmU4yv
U.S. Natural Gas Production Hit An All-Time High In 2021
This article is the fourth in a series on the BP Statistical Review of World Energy 2022. The Review provides a comprehensive picture of supply and demand for major energy sources on a country-level basis. Previous articles covered overall energy consumption, carbon dioxide emissions, and petroleum supply and demand. Today, I want to cover the production and consumption of natural gas. In 2021, global natural gas consumption reached a new all-time high, surpassing the previous record set in 2019 by 3.3%. Natural gas is the cleanest-burning of the fossil fuels. It is also the fastest-growing fossil fuel, with a global 2.2% average annual growth rate over the past decade. In comparison, oil grew at a rate of 0.7% globally over the past decade, and coal grew globally at 0.1%. Looking ahead, na… For more info go to https://bit.ly/3QmU4yv
U.S. Power Producers Are Consuming Near-Record Volumes of Gas: Kemp
Record U.S. electricity consumption is driving near-record combustion of gas by power generators, ensuring gas inventories remain under pressure and prices remain high. In common with other parts of the U.S. economy, growth in gas production and the electricity supply has not kept pace with growth in demand after the pandemic, creating ongoing shortages. Net electricity generation between January and April amounted to 1,337 billion kilowatt-hours surpassing the previous seasonal records of 1,331 billion kWh in 2014 and before that 1,319 billion kWh in 2008.
Gas-fired units accounted for 470 billion kWh in the first four months, their second-highest seasonal output after 500 billion kWh in 2020, according to data from the U.S. Energy Information Administration (EIA). Gas-fired generation is surging this year despit… For more info go to https://bit.ly/3QmU4yv