August 15, 2024
MSBA Newsletter Q3 2024 Energy News
This summer, we are seeing continued high natural gas demand, with an increase of three percent from last year. Despite this increase, natural gas producers are still concerned about natural gas prices being too low to continue capital investments and production and plan to cut production during the latter half of this year.
Production and Demand
Total U.S. natural gas consumption increased by 5.6 percent (4.2 Bcf/d) from the previous week of July 29. This rise was mainly driven by a nine percent (4.1 Bcf/d) increase in gas used for power generation due to higher temperatures nationwide. Consumption in the residential and commercial sectors also increased by 3.9 percent (0.3 Bcf/d), while industrial sector consumption fell by one percent (0.2 Bcf/d).
Total working gas levels are still 14.9 percent above the five-year average of 2,846 Bcf. As of August 2, 2024, storage levels have risen 6.4 percent from the previous week and are 8.2 percent higher than a year ago.
Looking Forward
National Oceanic and Atmospheric Administration's (NOAA) "Long Lead Seasonal Forecast" for winter 2024-25 reports that a "La Niña watch" is in effect, with La Niña expected to form between July and September. La Niña usually shifts the jet stream northward because of colder Pacific waters, causing heavy rains and flooding in the Pacific Northwest and Canada while making winters warmer in the South and cooler in the North. This weather pattern can cause more severe conditions than El Niño, potentially disrupting natural gas production and increasing demand.
Major U.S. natural gas producers are planning further production cuts during the last few months of 2024 due to a nearly 40 percent price drop over the past two months. According to CFO Jeremy Knop, EQT, a natural gas producer, its output will be reduced by about 90 billion cubic feet this fall if the market stays weak. Chesapeake Energy, soon to be the largest U.S. gas producer after its merger with Southwestern Energy, also plans to delay some well completions until the market improves.
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:
August 15, 2024
August 15, 2024
MSBA Newsletter Q3 2024 Energy News
This summer, we are seeing continued high natural gas demand, with an increase of three percent from last year. Despite this increase, natural gas producers are still concerned about natural gas prices being too low to continue capital investments and production and plan to cut production during the latter half of this year.
Production and Demand
Total U.S. natural gas consumption increased by 5.6 percent (4.2 Bcf/d) from the previous week of July 29. This rise was mainly driven by a nine percent (4.1 Bcf/d) increase in gas used for power generation due to higher temperatures nationwide. Consumption in the residential and commercial sectors also increased by 3.9 percent (0.3 Bcf/d), while industrial sector consumption fell by one percent (0.2 Bcf/d).
Total working gas levels are still 14.9 percent above the five-year average of 2,846 Bcf. As of August 2, 2024, storage levels have risen 6.4 percent from the previous week and are 8.2 percent higher than a year ago.
Looking Forward
National Oceanic and Atmospheric Administration's (NOAA) "Long Lead Seasonal Forecast" for winter 2024-25 reports that a "La Niña watch" is in effect, with La Niña expected to form between July and September. La Niña usually shifts the jet stream northward because of colder Pacific waters, causing heavy rains and flooding in the Pacific Northwest and Canada while making winters warmer in the South and cooler in the North. This weather pattern can cause more severe conditions than El Niño, potentially disrupting natural gas production and increasing demand.
Major U.S. natural gas producers are planning further production cuts during the last few months of 2024 due to a nearly 40 percent price drop over the past two months. According to CFO Jeremy Knop, EQT, a natural gas producer, its output will be reduced by about 90 billion cubic feet this fall if the market stays weak. Chesapeake Energy, soon to be the largest U.S. gas producer after its merger with Southwestern Energy, also plans to delay some well completions until the market improves.
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
August 15, 2024
MSBA Newsletter Q3 2024 Energy News
This summer, we are seeing continued high natural gas demand, with an increase of three percent from last year. Despite this increase, natural gas producers are still concerned about natural gas prices being too low to continue capital investments and production and plan to cut production during the latter half of this year.
Production and Demand
Total U.S. natural gas consumption increased by 5.6 percent (4.2 Bcf/d) from the previous week of July 29. This rise was mainly driven by a nine percent (4.1 Bcf/d) increase in gas used for power generation due to higher temperatures nationwide. Consumption in the residential and commercial sectors also increased by 3.9 percent (0.3 Bcf/d), while industrial sector consumption fell by one percent (0.2 Bcf/d).
Total working gas levels are still 14.9 percent above the five-year average of 2,846 Bcf. As of August 2, 2024, storage levels have risen 6.4 percent from the previous week and are 8.2 percent higher than a year ago.
Looking Forward
National Oceanic and Atmospheric Administration's (NOAA) "Long Lead Seasonal Forecast" for winter 2024-25 reports that a "La Niña watch" is in effect, with La Niña expected to form between July and September. La Niña usually shifts the jet stream northward because of colder Pacific waters, causing heavy rains and flooding in the Pacific Northwest and Canada while making winters warmer in the South and cooler in the North. This weather pattern can cause more severe conditions than El Niño, potentially disrupting natural gas production and increasing demand.
Major U.S. natural gas producers are planning further production cuts during the last few months of 2024 due to a nearly 40 percent price drop over the past two months. According to CFO Jeremy Knop, EQT, a natural gas producer, its output will be reduced by about 90 billion cubic feet this fall if the market stays weak. Chesapeake Energy, soon to be the largest U.S. gas producer after its merger with Southwestern Energy, also plans to delay some well completions until the market improves.
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
August 15, 2024
MSBA Newsletter Q3 2024 Energy News
This summer, we are seeing continued high natural gas demand, with an increase of three percent from last year. Despite this increase, natural gas producers are still concerned about natural gas prices being too low to continue capital investments and production and plan to cut production during the latter half of this year.
Production and Demand
Total U.S. natural gas consumption increased by 5.6 percent (4.2 Bcf/d) from the previous week of July 29. This rise was mainly driven by a nine percent (4.1 Bcf/d) increase in gas used for power generation due to higher temperatures nationwide. Consumption in the residential and commercial sectors also increased by 3.9 percent (0.3 Bcf/d), while industrial sector consumption fell by one percent (0.2 Bcf/d).
Total working gas levels are still 14.9 percent above the five-year average of 2,846 Bcf. As of August 2, 2024, storage levels have risen 6.4 percent from the previous week and are 8.2 percent higher than a year ago.
Looking Forward
National Oceanic and Atmospheric Administration's (NOAA) "Long Lead Seasonal Forecast" for winter 2024-25 reports that a "La Niña watch" is in effect, with La Niña expected to form between July and September. La Niña usually shifts the jet stream northward because of colder Pacific waters, causing heavy rains and flooding in the Pacific Northwest and Canada while making winters warmer in the South and cooler in the North. This weather pattern can cause more severe conditions than El Niño, potentially disrupting natural gas production and increasing demand.
Major U.S. natural gas producers are planning further production cuts during the last few months of 2024 due to a nearly 40 percent price drop over the past two months. According to CFO Jeremy Knop, EQT, a natural gas producer, its output will be reduced by about 90 billion cubic feet this fall if the market stays weak. Chesapeake Energy, soon to be the largest U.S. gas producer after its merger with Southwestern Energy, also plans to delay some well completions until the market improves.
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
August 15, 2024
MSBA Newsletter Q3 2024 Energy News
This summer, we are seeing continued high natural gas demand, with an increase of three percent from last year. Despite this increase, natural gas producers are still concerned about natural gas prices being too low to continue capital investments and production and plan to cut production during the latter half of this year.
Production and Demand
Total U.S. natural gas consumption increased by 5.6 percent (4.2 Bcf/d) from the previous week of July 29. This rise was mainly driven by a nine percent (4.1 Bcf/d) increase in gas used for power generation due to higher temperatures nationwide. Consumption in the residential and commercial sectors also increased by 3.9 percent (0.3 Bcf/d), while industrial sector consumption fell by one percent (0.2 Bcf/d).
Total working gas levels are still 14.9 percent above the five-year average of 2,846 Bcf. As of August 2, 2024, storage levels have risen 6.4 percent from the previous week and are 8.2 percent higher than a year ago.
Looking Forward
National Oceanic and Atmospheric Administration's (NOAA) "Long Lead Seasonal Forecast" for winter 2024-25 reports that a "La Niña watch" is in effect, with La Niña expected to form between July and September. La Niña usually shifts the jet stream northward because of colder Pacific waters, causing heavy rains and flooding in the Pacific Northwest and Canada while making winters warmer in the South and cooler in the North. This weather pattern can cause more severe conditions than El Niño, potentially disrupting natural gas production and increasing demand.
Major U.S. natural gas producers are planning further production cuts during the last few months of 2024 due to a nearly 40 percent price drop over the past two months. According to CFO Jeremy Knop, EQT, a natural gas producer, its output will be reduced by about 90 billion cubic feet this fall if the market stays weak. Chesapeake Energy, soon to be the largest U.S. gas producer after its merger with Southwestern Energy, also plans to delay some well completions until the market improves.
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
August 15, 2024
MSBA Newsletter Q3 2024 Energy News
This summer, we are seeing continued high natural gas demand, with an increase of three percent from last year. Despite this increase, natural gas producers are still concerned about natural gas prices being too low to continue capital investments and production and plan to cut production during the latter half of this year.
Production and Demand
Total U.S. natural gas consumption increased by 5.6 percent (4.2 Bcf/d) from the previous week of July 29. This rise was mainly driven by a nine percent (4.1 Bcf/d) increase in gas used for power generation due to higher temperatures nationwide. Consumption in the residential and commercial sectors also increased by 3.9 percent (0.3 Bcf/d), while industrial sector consumption fell by one percent (0.2 Bcf/d).
Total working gas levels are still 14.9 percent above the five-year average of 2,846 Bcf. As of August 2, 2024, storage levels have risen 6.4 percent from the previous week and are 8.2 percent higher than a year ago.
Looking Forward
National Oceanic and Atmospheric Administration's (NOAA) "Long Lead Seasonal Forecast" for winter 2024-25 reports that a "La Niña watch" is in effect, with La Niña expected to form between July and September. La Niña usually shifts the jet stream northward because of colder Pacific waters, causing heavy rains and flooding in the Pacific Northwest and Canada while making winters warmer in the South and cooler in the North. This weather pattern can cause more severe conditions than El Niño, potentially disrupting natural gas production and increasing demand.
Major U.S. natural gas producers are planning further production cuts during the last few months of 2024 due to a nearly 40 percent price drop over the past two months. According to CFO Jeremy Knop, EQT, a natural gas producer, its output will be reduced by about 90 billion cubic feet this fall if the market stays weak. Chesapeake Energy, soon to be the largest U.S. gas producer after its merger with Southwestern Energy, also plans to delay some well completions until the market improves.
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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