May 13, 2024
MSBA Newsletter Q2 2024 Energy News
As we approach the official start of summer, continued production cuts have boosted natural gas prices. With warmer-than-normal temperatures forecasted for most of the U.S. and the potential for a volatile hurricane season, natural gas prices could drive higher this summer.
Production and Demand
Total natural gas consumption in the U.S. dropped by 1.8 percent, equivalent to 1.2 billion cubic feet per day (Bcf/d), compared to the previous week of April 24th. Residential and commercial usage saw a significant decline of 15.6 percent, or 2.3 Bcf/d, while natural gas used for power generation increased by 4.0 percent, totaling 1.3 Bcf/d. This uptick in power generation is attributed to increased air conditioning usage as temperatures rose. Meanwhile, industrial sector consumption dipped slightly by 0.8 percent, approximately 0.2 Bcf/d.
Since the beginning of 2024, natural gas production in the U.S. has experienced a 10 percent decline, largely due to reduced demand resulting from a warmer-than-usual winter. Notable companies such as Chesapeake Energy Corp. are proactively scaling back their operations to uphold price stability, resulting in a 34.8 percent reduction in natural gas rigs compared to the preceding year. Despite these considerable production cutbacks, natural gas storage in the U.S. still surpasses the five-year average by 39.4 percent, amounting to 2,425 Bcf.
Looking Forward
According to the U.S. Energy Information Administration (EIA) in its Short-Term Energy Outlook (STEO) released on May 7th, natural gas production in the U.S. will continue to decrease in 2024, while demand is anticipated to reach a record high. Should these forecasts prove accurate, 2024 would mark the first decline in output since 2020. Additionally, it would signify the first consecutive four-year period of demand growth since 2016.
Meteorologists from the National Weather Service (NWS) have issued their latest summer forecast, indicating that much of the U.S. will experience hotter-than-average temperatures. The forecast warns of record-breaking heat spanning from Texas through the Pacific Northwest to the Northeast, potentially leading to increased demand for natural gas for power generation as households and businesses rely heavily on air conditioning to combat the extreme temperatures. Additionally, forecasters anticipate an active hurricane season from June 1st to Nov. 30th, with Colorado State University researchers predicting 23 named storms, 11 hurricanes, and five major hurricanes, exceeding typical seasonal averages. If this forecast materializes, the Gulf Coast, a crucial area for natural gas production and infrastructure, may encounter operational disruptions due to potential severe storm impacts.
Missouri School Board Association
As the supplier of the MSBA Natural Gas Consortium, we hope you found this newsletter helpful and informative.
If you have any questions about your natural gas or the market, please contact Alan Pederson at 402-915-8378 and alan.pederson@woodriverenergy.com.
CUSTOMER CARE: Adding or removing contacts
PHONE: 720-617-1286
EMAIL: customercare@woodriverenergy.com
ACCOUNTING: Questions on invoices & payments
PHONE: 720-439-6514
EMAIL: AR@woodriverenergy.com
Market Data:
May 13, 2024
May 13, 2024
MSBA Newsletter Q2 2024 Energy News
As we approach the official start of summer, continued production cuts have boosted natural gas prices. With warmer-than-normal temperatures forecasted for most of the U.S. and the potential for a volatile hurricane season, natural gas prices could drive higher this summer.
Production and Demand
Total natural gas consumption in the U.S. dropped by 1.8 percent, equivalent to 1.2 billion cubic feet per day (Bcf/d), compared to the previous week of April 24th. Residential and commercial usage saw a significant decline of 15.6 percent, or 2.3 Bcf/d, while natural gas used for power generation increased by 4.0 percent, totaling 1.3 Bcf/d. This uptick in power generation is attributed to increased air conditioning usage as temperatures rose. Meanwhile, industrial sector consumption dipped slightly by 0.8 percent, approximately 0.2 Bcf/d.
Since the beginning of 2024, natural gas production in the U.S. has experienced a 10 percent decline, largely due to reduced demand resulting from a warmer-than-usual winter. Notable companies such as Chesapeake Energy Corp. are proactively scaling back their operations to uphold price stability, resulting in a 34.8 percent reduction in natural gas rigs compared to the preceding year. Despite these considerable production cutbacks, natural gas storage in the U.S. still surpasses the five-year average by 39.4 percent, amounting to 2,425 Bcf.
Looking Forward
According to the U.S. Energy Information Administration (EIA) in its Short-Term Energy Outlook (STEO) released on May 7th, natural gas production in the U.S. will continue to decrease in 2024, while demand is anticipated to reach a record high. Should these forecasts prove accurate, 2024 would mark the first decline in output since 2020. Additionally, it would signify the first consecutive four-year period of demand growth since 2016.
Meteorologists from the National Weather Service (NWS) have issued their latest summer forecast, indicating that much of the U.S. will experience hotter-than-average temperatures. The forecast warns of record-breaking heat spanning from Texas through the Pacific Northwest to the Northeast, potentially leading to increased demand for natural gas for power generation as households and businesses rely heavily on air conditioning to combat the extreme temperatures. Additionally, forecasters anticipate an active hurricane season from June 1st to Nov. 30th, with Colorado State University researchers predicting 23 named storms, 11 hurricanes, and five major hurricanes, exceeding typical seasonal averages. If this forecast materializes, the Gulf Coast, a crucial area for natural gas production and infrastructure, may encounter operational disruptions due to potential severe storm impacts.
Missouri School Board Association
As the supplier of the MSBA Natural Gas Consortium, we hope you found this newsletter helpful and informative.
If you have any questions about your natural gas or the market, please contact Alan Pederson at 402-915-8378 and alan.pederson@woodriverenergy.com.
CUSTOMER CARE: Adding or removing contacts
PHONE: 720-617-1286
EMAIL: customercare@woodriverenergy.com
ACCOUNTING: Questions on invoices & payments
PHONE: 720-439-6514
EMAIL: AR@woodriverenergy.com
May 13, 2024
MSBA Newsletter Q2 2024 Energy News
As we approach the official start of summer, continued production cuts have boosted natural gas prices. With warmer-than-normal temperatures forecasted for most of the U.S. and the potential for a volatile hurricane season, natural gas prices could drive higher this summer.
Production and Demand
Total natural gas consumption in the U.S. dropped by 1.8 percent, equivalent to 1.2 billion cubic feet per day (Bcf/d), compared to the previous week of April 24th. Residential and commercial usage saw a significant decline of 15.6 percent, or 2.3 Bcf/d, while natural gas used for power generation increased by 4.0 percent, totaling 1.3 Bcf/d. This uptick in power generation is attributed to increased air conditioning usage as temperatures rose. Meanwhile, industrial sector consumption dipped slightly by 0.8 percent, approximately 0.2 Bcf/d.
Since the beginning of 2024, natural gas production in the U.S. has experienced a 10 percent decline, largely due to reduced demand resulting from a warmer-than-usual winter. Notable companies such as Chesapeake Energy Corp. are proactively scaling back their operations to uphold price stability, resulting in a 34.8 percent reduction in natural gas rigs compared to the preceding year. Despite these considerable production cutbacks, natural gas storage in the U.S. still surpasses the five-year average by 39.4 percent, amounting to 2,425 Bcf.
Looking Forward
According to the U.S. Energy Information Administration (EIA) in its Short-Term Energy Outlook (STEO) released on May 7th, natural gas production in the U.S. will continue to decrease in 2024, while demand is anticipated to reach a record high. Should these forecasts prove accurate, 2024 would mark the first decline in output since 2020. Additionally, it would signify the first consecutive four-year period of demand growth since 2016.
Meteorologists from the National Weather Service (NWS) have issued their latest summer forecast, indicating that much of the U.S. will experience hotter-than-average temperatures. The forecast warns of record-breaking heat spanning from Texas through the Pacific Northwest to the Northeast, potentially leading to increased demand for natural gas for power generation as households and businesses rely heavily on air conditioning to combat the extreme temperatures. Additionally, forecasters anticipate an active hurricane season from June 1st to Nov. 30th, with Colorado State University researchers predicting 23 named storms, 11 hurricanes, and five major hurricanes, exceeding typical seasonal averages. If this forecast materializes, the Gulf Coast, a crucial area for natural gas production and infrastructure, may encounter operational disruptions due to potential severe storm impacts.
Missouri School Board Association
As the supplier of the MSBA Natural Gas Consortium, we hope you found this newsletter helpful and informative.
If you have any questions about your natural gas or the market, please contact Alan Pederson at 402-915-8378 and alan.pederson@woodriverenergy.com.
CUSTOMER CARE: Adding or removing contacts
PHONE: 720-617-1286
EMAIL: customercare@woodriverenergy.com
ACCOUNTING: Questions on invoices & payments
PHONE: 720-439-6514
EMAIL: AR@woodriverenergy.com
May 13, 2024
MSBA Newsletter Q2 2024 Energy News
As we approach the official start of summer, continued production cuts have boosted natural gas prices. With warmer-than-normal temperatures forecasted for most of the U.S. and the potential for a volatile hurricane season, natural gas prices could drive higher this summer.
Production and Demand
Total natural gas consumption in the U.S. dropped by 1.8 percent, equivalent to 1.2 billion cubic feet per day (Bcf/d), compared to the previous week of April 24th. Residential and commercial usage saw a significant decline of 15.6 percent, or 2.3 Bcf/d, while natural gas used for power generation increased by 4.0 percent, totaling 1.3 Bcf/d. This uptick in power generation is attributed to increased air conditioning usage as temperatures rose. Meanwhile, industrial sector consumption dipped slightly by 0.8 percent, approximately 0.2 Bcf/d.
Since the beginning of 2024, natural gas production in the U.S. has experienced a 10 percent decline, largely due to reduced demand resulting from a warmer-than-usual winter. Notable companies such as Chesapeake Energy Corp. are proactively scaling back their operations to uphold price stability, resulting in a 34.8 percent reduction in natural gas rigs compared to the preceding year. Despite these considerable production cutbacks, natural gas storage in the U.S. still surpasses the five-year average by 39.4 percent, amounting to 2,425 Bcf.
Looking Forward
According to the U.S. Energy Information Administration (EIA) in its Short-Term Energy Outlook (STEO) released on May 7th, natural gas production in the U.S. will continue to decrease in 2024, while demand is anticipated to reach a record high. Should these forecasts prove accurate, 2024 would mark the first decline in output since 2020. Additionally, it would signify the first consecutive four-year period of demand growth since 2016.
Meteorologists from the National Weather Service (NWS) have issued their latest summer forecast, indicating that much of the U.S. will experience hotter-than-average temperatures. The forecast warns of record-breaking heat spanning from Texas through the Pacific Northwest to the Northeast, potentially leading to increased demand for natural gas for power generation as households and businesses rely heavily on air conditioning to combat the extreme temperatures. Additionally, forecasters anticipate an active hurricane season from June 1st to Nov. 30th, with Colorado State University researchers predicting 23 named storms, 11 hurricanes, and five major hurricanes, exceeding typical seasonal averages. If this forecast materializes, the Gulf Coast, a crucial area for natural gas production and infrastructure, may encounter operational disruptions due to potential severe storm impacts.
Missouri School Board Association
As the supplier of the MSBA Natural Gas Consortium, we hope you found this newsletter helpful and informative.
If you have any questions about your natural gas or the market, please contact Alan Pederson at 402-915-8378 and alan.pederson@woodriverenergy.com.
CUSTOMER CARE: Adding or removing contacts
PHONE: 720-617-1286
EMAIL: customercare@woodriverenergy.com
ACCOUNTING: Questions on invoices & payments
PHONE: 720-439-6514
EMAIL: AR@woodriverenergy.com
May 13, 2024
MSBA Newsletter Q2 2024 Energy News
As we approach the official start of summer, continued production cuts have boosted natural gas prices. With warmer-than-normal temperatures forecasted for most of the U.S. and the potential for a volatile hurricane season, natural gas prices could drive higher this summer.
Production and Demand
Total natural gas consumption in the U.S. dropped by 1.8 percent, equivalent to 1.2 billion cubic feet per day (Bcf/d), compared to the previous week of April 24th. Residential and commercial usage saw a significant decline of 15.6 percent, or 2.3 Bcf/d, while natural gas used for power generation increased by 4.0 percent, totaling 1.3 Bcf/d. This uptick in power generation is attributed to increased air conditioning usage as temperatures rose. Meanwhile, industrial sector consumption dipped slightly by 0.8 percent, approximately 0.2 Bcf/d.
Since the beginning of 2024, natural gas production in the U.S. has experienced a 10 percent decline, largely due to reduced demand resulting from a warmer-than-usual winter. Notable companies such as Chesapeake Energy Corp. are proactively scaling back their operations to uphold price stability, resulting in a 34.8 percent reduction in natural gas rigs compared to the preceding year. Despite these considerable production cutbacks, natural gas storage in the U.S. still surpasses the five-year average by 39.4 percent, amounting to 2,425 Bcf.
Looking Forward
According to the U.S. Energy Information Administration (EIA) in its Short-Term Energy Outlook (STEO) released on May 7th, natural gas production in the U.S. will continue to decrease in 2024, while demand is anticipated to reach a record high. Should these forecasts prove accurate, 2024 would mark the first decline in output since 2020. Additionally, it would signify the first consecutive four-year period of demand growth since 2016.
Meteorologists from the National Weather Service (NWS) have issued their latest summer forecast, indicating that much of the U.S. will experience hotter-than-average temperatures. The forecast warns of record-breaking heat spanning from Texas through the Pacific Northwest to the Northeast, potentially leading to increased demand for natural gas for power generation as households and businesses rely heavily on air conditioning to combat the extreme temperatures. Additionally, forecasters anticipate an active hurricane season from June 1st to Nov. 30th, with Colorado State University researchers predicting 23 named storms, 11 hurricanes, and five major hurricanes, exceeding typical seasonal averages. If this forecast materializes, the Gulf Coast, a crucial area for natural gas production and infrastructure, may encounter operational disruptions due to potential severe storm impacts.
Missouri School Board Association
As the supplier of the MSBA Natural Gas Consortium, we hope you found this newsletter helpful and informative.
If you have any questions about your natural gas or the market, please contact Alan Pederson at 402-915-8378 and alan.pederson@woodriverenergy.com.
CUSTOMER CARE: Adding or removing contacts
PHONE: 720-617-1286
EMAIL: customercare@woodriverenergy.com
ACCOUNTING: Questions on invoices & payments
PHONE: 720-439-6514
EMAIL: AR@woodriverenergy.com
May 13, 2024
MSBA Newsletter Q2 2024 Energy News
As we approach the official start of summer, continued production cuts have boosted natural gas prices. With warmer-than-normal temperatures forecasted for most of the U.S. and the potential for a volatile hurricane season, natural gas prices could drive higher this summer.
Production and Demand
Total natural gas consumption in the U.S. dropped by 1.8 percent, equivalent to 1.2 billion cubic feet per day (Bcf/d), compared to the previous week of April 24th. Residential and commercial usage saw a significant decline of 15.6 percent, or 2.3 Bcf/d, while natural gas used for power generation increased by 4.0 percent, totaling 1.3 Bcf/d. This uptick in power generation is attributed to increased air conditioning usage as temperatures rose. Meanwhile, industrial sector consumption dipped slightly by 0.8 percent, approximately 0.2 Bcf/d.
Since the beginning of 2024, natural gas production in the U.S. has experienced a 10 percent decline, largely due to reduced demand resulting from a warmer-than-usual winter. Notable companies such as Chesapeake Energy Corp. are proactively scaling back their operations to uphold price stability, resulting in a 34.8 percent reduction in natural gas rigs compared to the preceding year. Despite these considerable production cutbacks, natural gas storage in the U.S. still surpasses the five-year average by 39.4 percent, amounting to 2,425 Bcf.
Looking Forward
According to the U.S. Energy Information Administration (EIA) in its Short-Term Energy Outlook (STEO) released on May 7th, natural gas production in the U.S. will continue to decrease in 2024, while demand is anticipated to reach a record high. Should these forecasts prove accurate, 2024 would mark the first decline in output since 2020. Additionally, it would signify the first consecutive four-year period of demand growth since 2016.
Meteorologists from the National Weather Service (NWS) have issued their latest summer forecast, indicating that much of the U.S. will experience hotter-than-average temperatures. The forecast warns of record-breaking heat spanning from Texas through the Pacific Northwest to the Northeast, potentially leading to increased demand for natural gas for power generation as households and businesses rely heavily on air conditioning to combat the extreme temperatures. Additionally, forecasters anticipate an active hurricane season from June 1st to Nov. 30th, with Colorado State University researchers predicting 23 named storms, 11 hurricanes, and five major hurricanes, exceeding typical seasonal averages. If this forecast materializes, the Gulf Coast, a crucial area for natural gas production and infrastructure, may encounter operational disruptions due to potential severe storm impacts.
Missouri School Board Association
As the supplier of the MSBA Natural Gas Consortium, we hope you found this newsletter helpful and informative.
If you have any questions about your natural gas or the market, please contact Alan Pederson at 402-915-8378 and alan.pederson@woodriverenergy.com.
CUSTOMER CARE: Adding or removing contacts
PHONE: 720-617-1286
EMAIL: customercare@woodriverenergy.com
ACCOUNTING: Questions on invoices & payments
PHONE: 720-439-6514
EMAIL: AR@woodriverenergy.com
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