February 15, 2023
February 2023 Energy News
As we enter the second month of 2023, this year is already looking very different from 2022. Warmer weather over this winter has helped decrease demand and soften prices.
Domestic Demand
As most of the U.S. has seen warmer-than-normal temperatures this year, natural gas consumption is down an average of 10 billion cubic feet (Bcf) per day at 123.3 Bcf. Residential and commercial entities saw the largest decline from 51.3 Bcf per day in 2022 to 42.4 Bcf per day in 2023. With extended forecasts projecting continued warm weather, demand will likely continue to fall.
International Demand
U.S. liquified natural gas (LNG) exports continue to be an integral part of global energy. As the war in Ukraine continues to rage on, energy security in Europe looks very different from 2022 due to record LNG imports from the U.S. and other countries and warmer weather. Europe has built up its natural gas supply to normal levels.
The second largest LNG facility in the U.S., Freeport, is starting to resume operations after a fire last June took it offline. This facility can export 2.1 Bcf of gas each day which is about two percent of the total U.S. daily production. Additionally, the U.S. will see more production go towards LNG exports, with three new facilities coming online by 2025.
Production & Supply
According to the Energy Information Administration’s report on February 9, 2023, shows production continues to grow steadily, with an average of 104.4 Bcf per day, a five percent increase from last year.
With steady production and lower demand this winter, working gas in storage has grown to 2,366 Bcf. Storage has grown nearly 11 percent from last year and 5.2 percent above the five-year average.
Although natural gas prices have dropped over 40 percent this year, this could push producers to cut back production to bring pricing up.
Market Data:
February 15, 2023
February 15, 2023
February 2023 Energy News
As we enter the second month of 2023, this year is already looking very different from 2022. Warmer weather over this winter has helped decrease demand and soften prices.
Domestic Demand
As most of the U.S. has seen warmer-than-normal temperatures this year, natural gas consumption is down an average of 10 billion cubic feet (Bcf) per day at 123.3 Bcf. Residential and commercial entities saw the largest decline from 51.3 Bcf per day in 2022 to 42.4 Bcf per day in 2023. With extended forecasts projecting continued warm weather, demand will likely continue to fall.
International Demand
U.S. liquified natural gas (LNG) exports continue to be an integral part of global energy. As the war in Ukraine continues to rage on, energy security in Europe looks very different from 2022 due to record LNG imports from the U.S. and other countries and warmer weather. Europe has built up its natural gas supply to normal levels.
The second largest LNG facility in the U.S., Freeport, is starting to resume operations after a fire last June took it offline. This facility can export 2.1 Bcf of gas each day which is about two percent of the total U.S. daily production. Additionally, the U.S. will see more production go towards LNG exports, with three new facilities coming online by 2025.
Production & Supply
According to the Energy Information Administration’s report on February 9, 2023, shows production continues to grow steadily, with an average of 104.4 Bcf per day, a five percent increase from last year.
With steady production and lower demand this winter, working gas in storage has grown to 2,366 Bcf. Storage has grown nearly 11 percent from last year and 5.2 percent above the five-year average.
Although natural gas prices have dropped over 40 percent this year, this could push producers to cut back production to bring pricing up.
February 15, 2023
February 2023 Energy News
As we enter the second month of 2023, this year is already looking very different from 2022. Warmer weather over this winter has helped decrease demand and soften prices.
Domestic Demand
As most of the U.S. has seen warmer-than-normal temperatures this year, natural gas consumption is down an average of 10 billion cubic feet (Bcf) per day at 123.3 Bcf. Residential and commercial entities saw the largest decline from 51.3 Bcf per day in 2022 to 42.4 Bcf per day in 2023. With extended forecasts projecting continued warm weather, demand will likely continue to fall.
International Demand
U.S. liquified natural gas (LNG) exports continue to be an integral part of global energy. As the war in Ukraine continues to rage on, energy security in Europe looks very different from 2022 due to record LNG imports from the U.S. and other countries and warmer weather. Europe has built up its natural gas supply to normal levels.
The second largest LNG facility in the U.S., Freeport, is starting to resume operations after a fire last June took it offline. This facility can export 2.1 Bcf of gas each day which is about two percent of the total U.S. daily production. Additionally, the U.S. will see more production go towards LNG exports, with three new facilities coming online by 2025.
Production & Supply
According to the Energy Information Administration’s report on February 9, 2023, shows production continues to grow steadily, with an average of 104.4 Bcf per day, a five percent increase from last year.
With steady production and lower demand this winter, working gas in storage has grown to 2,366 Bcf. Storage has grown nearly 11 percent from last year and 5.2 percent above the five-year average.
Although natural gas prices have dropped over 40 percent this year, this could push producers to cut back production to bring pricing up.
February 15, 2023
February 2023 Energy News
As we enter the second month of 2023, this year is already looking very different from 2022. Warmer weather over this winter has helped decrease demand and soften prices.
Domestic Demand
As most of the U.S. has seen warmer-than-normal temperatures this year, natural gas consumption is down an average of 10 billion cubic feet (Bcf) per day at 123.3 Bcf. Residential and commercial entities saw the largest decline from 51.3 Bcf per day in 2022 to 42.4 Bcf per day in 2023. With extended forecasts projecting continued warm weather, demand will likely continue to fall.
International Demand
U.S. liquified natural gas (LNG) exports continue to be an integral part of global energy. As the war in Ukraine continues to rage on, energy security in Europe looks very different from 2022 due to record LNG imports from the U.S. and other countries and warmer weather. Europe has built up its natural gas supply to normal levels.
The second largest LNG facility in the U.S., Freeport, is starting to resume operations after a fire last June took it offline. This facility can export 2.1 Bcf of gas each day which is about two percent of the total U.S. daily production. Additionally, the U.S. will see more production go towards LNG exports, with three new facilities coming online by 2025.
Production & Supply
According to the Energy Information Administration’s report on February 9, 2023, shows production continues to grow steadily, with an average of 104.4 Bcf per day, a five percent increase from last year.
With steady production and lower demand this winter, working gas in storage has grown to 2,366 Bcf. Storage has grown nearly 11 percent from last year and 5.2 percent above the five-year average.
Although natural gas prices have dropped over 40 percent this year, this could push producers to cut back production to bring pricing up.
February 15, 2023
February 2023 Energy News
As we enter the second month of 2023, this year is already looking very different from 2022. Warmer weather over this winter has helped decrease demand and soften prices.
Domestic Demand
As most of the U.S. has seen warmer-than-normal temperatures this year, natural gas consumption is down an average of 10 billion cubic feet (Bcf) per day at 123.3 Bcf. Residential and commercial entities saw the largest decline from 51.3 Bcf per day in 2022 to 42.4 Bcf per day in 2023. With extended forecasts projecting continued warm weather, demand will likely continue to fall.
International Demand
U.S. liquified natural gas (LNG) exports continue to be an integral part of global energy. As the war in Ukraine continues to rage on, energy security in Europe looks very different from 2022 due to record LNG imports from the U.S. and other countries and warmer weather. Europe has built up its natural gas supply to normal levels.
The second largest LNG facility in the U.S., Freeport, is starting to resume operations after a fire last June took it offline. This facility can export 2.1 Bcf of gas each day which is about two percent of the total U.S. daily production. Additionally, the U.S. will see more production go towards LNG exports, with three new facilities coming online by 2025.
Production & Supply
According to the Energy Information Administration’s report on February 9, 2023, shows production continues to grow steadily, with an average of 104.4 Bcf per day, a five percent increase from last year.
With steady production and lower demand this winter, working gas in storage has grown to 2,366 Bcf. Storage has grown nearly 11 percent from last year and 5.2 percent above the five-year average.
Although natural gas prices have dropped over 40 percent this year, this could push producers to cut back production to bring pricing up.
February 15, 2023
February 2023 Energy News
As we enter the second month of 2023, this year is already looking very different from 2022. Warmer weather over this winter has helped decrease demand and soften prices.
Domestic Demand
As most of the U.S. has seen warmer-than-normal temperatures this year, natural gas consumption is down an average of 10 billion cubic feet (Bcf) per day at 123.3 Bcf. Residential and commercial entities saw the largest decline from 51.3 Bcf per day in 2022 to 42.4 Bcf per day in 2023. With extended forecasts projecting continued warm weather, demand will likely continue to fall.
International Demand
U.S. liquified natural gas (LNG) exports continue to be an integral part of global energy. As the war in Ukraine continues to rage on, energy security in Europe looks very different from 2022 due to record LNG imports from the U.S. and other countries and warmer weather. Europe has built up its natural gas supply to normal levels.
The second largest LNG facility in the U.S., Freeport, is starting to resume operations after a fire last June took it offline. This facility can export 2.1 Bcf of gas each day which is about two percent of the total U.S. daily production. Additionally, the U.S. will see more production go towards LNG exports, with three new facilities coming online by 2025.
Production & Supply
According to the Energy Information Administration’s report on February 9, 2023, shows production continues to grow steadily, with an average of 104.4 Bcf per day, a five percent increase from last year.
With steady production and lower demand this winter, working gas in storage has grown to 2,366 Bcf. Storage has grown nearly 11 percent from last year and 5.2 percent above the five-year average.
Although natural gas prices have dropped over 40 percent this year, this could push producers to cut back production to bring pricing up.
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