RSS feed source: US Energy Information Administration

In-brief analysis

July 25, 2024

U.S. power plant operators generated 6.9 million megawatthours (MWh) of electricity from natural gas on a daily basis in the Lower 48 states on July 9, 2024, probably the most in history and certainly since at least January 1, 2019, when we began to collect hourly data about natural gas generation. The spike in natural gas-fired generation on July 9 was because of both high temperatures across most of the country and a steep drop in wind generation. According to the National Weather Service, most of the United States experienced temperatures well above average on July 9, 2024. Temperatures were particularly high on the West Coast and East Coast. Wind generation in the Lower 48 states totaled 0.3 million MWh on July 9, 2024, much lower than the 1.3 million MWh

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RSS feed source: US Energy Information Administration

In-brief analysis

July 24, 2024

Injections into natural gas storage in the Lower 48 states since April 1 have totaled 950 billion cubic feet (Bcf), according to our July 18 Weekly Natural Gas Storage Report. So far this injection season (April 1–October 31), the amount of natural gas injected into storage (less withdrawals) is 15% (166 Bcf) less than the previous five-year average (2019–23) for the same period and 15% (172 Bcf) less than the same time last year.

Despite the decrease in injections, working natural gas inventories in the Lower 48 states remain relatively high following the warmest winter on record. Natural gas in U.S. storage totaled 3,209 Bcf as of July 12, 17% (465 Bcf) more than the five-year average and 8% (250 Bcf) above last year for the same report week.

Production of

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In-brief analysis

July 23, 2024

Consumption of natural gas in Europe consistently decreased since mid-2022, driven by a combination of mild winter weather and government policies aimed at reducing natural gas consumption. In 2023, natural gas consumption in the European Union’s 27 member countries (EU-27) declined 18% from the previous five-year (2017–21) average according to Eurostat data. During the first five months of 2024 (January–May), consumption remained 19% below the 2017–21 average for the same months.

In 2022, after a significant decline of pipeline imports from Russia, European governments enacted coordinated demand-reduction measures. Those measures mandated a minimum 15% reduction in natural gas consumption from August 2022 to March 2023. These policies were subsequently extended through March 2025.

The EU-27’s four countries with the most natural gas consumption—Germany, Italy, France, and the Netherlands—account for about two-thirds

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In-brief analysis

July 22, 2024

Data source: Refinitiv Eikon

The average monthly wholesale spot natural gas price at the U.S. benchmark Henry Hub fell by 20% to $2.56 per million British thermal units (MMBtu) between January and June of this year, according to data from Refinitiv Eikon. In January, the Henry Hub price averaged $3.18/MMBtu, then dropped to $1.49/MMBtu in March, marking the lowest average monthly inflation-adjusted price since at least 1997. In addition, prices from February through April 2024 were the lowest ever recorded for these months.

Data source: Refinitiv Eikon

Prices declined throughout much of 2023 amid record U.S. natural gas production, flat natural gas consumption, and relatively high natural gas inventories. A mild winter rounded out 2023, leading to even lower prices in early 2024.

Production
U.S.

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