December 12, 2024
Q4 2024 OSSBA – Energy News
As the new year approaches, U.S. natural gas inventories are at their highest levels since 2016, showing a substantial supply for the winter season. This is above the five-year average, offering a cushion against potential cold weather spikes in demand.
Production and Demand
A winter storm swept across the U.S. Northeast during Thanksgiving week, causing heavy snowfall and leading to a surge in natural gas demand. Total natural gas consumption jumped by 19.3 percent, or 17.4 billion cubic feet per day (Bcf/d), compared to the week of November 25th. Residential and commercial usage saw a significant increase of 41.1 percent (13.2 Bcf/d), largely driven by a rise in power generation consumption, which grew by 9.4 percent (3.1 Bcf/d), as well as a 4.4 percent (1.1 Bcf/d) rise in industrial demand.
As of Friday, November 29th, working gas in storage was 3,937 Bcf, down by 1 percent (30 Bcf) from the previous week. Despite this slight decrease, stocks were 4.9 percent (185 Bcf) higher than last year and 7.8 percent (284 Bcf) above the five-year average of 3,653 Bcf.
U.S. natural gas rigs increased by 1 percent for the week of November 27th. This is a slight rise, but it shows a 13.8 percent decrease compared to the same time last year. The overall rig count remains lower than last year, showing producers' effort to bring prices in line.
Looking Forward
Demand for U.S. natural gas continues to grow around the world. Europe's natural gas industry is bracing for higher prices this winter as cold weather depletes natural gas storage levels, competition with Asia for liquefied natural gas (LNG) grows, and the threat of reduced Russian supplies continues. Europe’s natural gas storage is quickly running low and is already 17 percent below the five-year average. Prices are already at their highest in over a year and are expected to keep rising. This is increasing Europe's demand for foreign LNG, especially from the U.S., which became the top LNG exporter in 2024, with 12.1 Bcf/d. U.S. LNG exports are expected to grow further in 2025, reaching 13.8 Bcf/d, with new projects like Corpus Christi and Plaquemines set to begin operations by the end of 2024. This growth is expected to help meet energy needs across Europe and Asia.
As always, weather is one of our largest variables in the natural gas market; if we have a cooler-than-normal winter, we can see prices climb.
Oklahoma State School Boards Association
As the natural gas supplier of the OSSBA Natural Gas Consortium, we hope you found this newsletter helpful and informative. If you have any questions about the information in this newsletter or would like to talk to someone about your natural gas, please call Mike Thomas at 620-874-1518.
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:
December 12, 2024
December 12, 2024
Q4 2024 OSSBA – Energy News
As the new year approaches, U.S. natural gas inventories are at their highest levels since 2016, showing a substantial supply for the winter season. This is above the five-year average, offering a cushion against potential cold weather spikes in demand.
Production and Demand
A winter storm swept across the U.S. Northeast during Thanksgiving week, causing heavy snowfall and leading to a surge in natural gas demand. Total natural gas consumption jumped by 19.3 percent, or 17.4 billion cubic feet per day (Bcf/d), compared to the week of November 25th. Residential and commercial usage saw a significant increase of 41.1 percent (13.2 Bcf/d), largely driven by a rise in power generation consumption, which grew by 9.4 percent (3.1 Bcf/d), as well as a 4.4 percent (1.1 Bcf/d) rise in industrial demand.
As of Friday, November 29th, working gas in storage was 3,937 Bcf, down by 1 percent (30 Bcf) from the previous week. Despite this slight decrease, stocks were 4.9 percent (185 Bcf) higher than last year and 7.8 percent (284 Bcf) above the five-year average of 3,653 Bcf.
U.S. natural gas rigs increased by 1 percent for the week of November 27th. This is a slight rise, but it shows a 13.8 percent decrease compared to the same time last year. The overall rig count remains lower than last year, showing producers' effort to bring prices in line.
Looking Forward
Demand for U.S. natural gas continues to grow around the world. Europe's natural gas industry is bracing for higher prices this winter as cold weather depletes natural gas storage levels, competition with Asia for liquefied natural gas (LNG) grows, and the threat of reduced Russian supplies continues. Europe’s natural gas storage is quickly running low and is already 17 percent below the five-year average. Prices are already at their highest in over a year and are expected to keep rising. This is increasing Europe's demand for foreign LNG, especially from the U.S., which became the top LNG exporter in 2024, with 12.1 Bcf/d. U.S. LNG exports are expected to grow further in 2025, reaching 13.8 Bcf/d, with new projects like Corpus Christi and Plaquemines set to begin operations by the end of 2024. This growth is expected to help meet energy needs across Europe and Asia.
As always, weather is one of our largest variables in the natural gas market; if we have a cooler-than-normal winter, we can see prices climb.
Oklahoma State School Boards Association
As the natural gas supplier of the OSSBA Natural Gas Consortium, we hope you found this newsletter helpful and informative. If you have any questions about the information in this newsletter or would like to talk to someone about your natural gas, please call Mike Thomas at 620-874-1518.
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
December 12, 2024
Q4 2024 OSSBA – Energy News
As the new year approaches, U.S. natural gas inventories are at their highest levels since 2016, showing a substantial supply for the winter season. This is above the five-year average, offering a cushion against potential cold weather spikes in demand.
Production and Demand
A winter storm swept across the U.S. Northeast during Thanksgiving week, causing heavy snowfall and leading to a surge in natural gas demand. Total natural gas consumption jumped by 19.3 percent, or 17.4 billion cubic feet per day (Bcf/d), compared to the week of November 25th. Residential and commercial usage saw a significant increase of 41.1 percent (13.2 Bcf/d), largely driven by a rise in power generation consumption, which grew by 9.4 percent (3.1 Bcf/d), as well as a 4.4 percent (1.1 Bcf/d) rise in industrial demand.
As of Friday, November 29th, working gas in storage was 3,937 Bcf, down by 1 percent (30 Bcf) from the previous week. Despite this slight decrease, stocks were 4.9 percent (185 Bcf) higher than last year and 7.8 percent (284 Bcf) above the five-year average of 3,653 Bcf.
U.S. natural gas rigs increased by 1 percent for the week of November 27th. This is a slight rise, but it shows a 13.8 percent decrease compared to the same time last year. The overall rig count remains lower than last year, showing producers' effort to bring prices in line.
Looking Forward
Demand for U.S. natural gas continues to grow around the world. Europe's natural gas industry is bracing for higher prices this winter as cold weather depletes natural gas storage levels, competition with Asia for liquefied natural gas (LNG) grows, and the threat of reduced Russian supplies continues. Europe’s natural gas storage is quickly running low and is already 17 percent below the five-year average. Prices are already at their highest in over a year and are expected to keep rising. This is increasing Europe's demand for foreign LNG, especially from the U.S., which became the top LNG exporter in 2024, with 12.1 Bcf/d. U.S. LNG exports are expected to grow further in 2025, reaching 13.8 Bcf/d, with new projects like Corpus Christi and Plaquemines set to begin operations by the end of 2024. This growth is expected to help meet energy needs across Europe and Asia.
As always, weather is one of our largest variables in the natural gas market; if we have a cooler-than-normal winter, we can see prices climb.
Oklahoma State School Boards Association
As the natural gas supplier of the OSSBA Natural Gas Consortium, we hope you found this newsletter helpful and informative. If you have any questions about the information in this newsletter or would like to talk to someone about your natural gas, please call Mike Thomas at 620-874-1518.
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
December 12, 2024
Q4 2024 OSSBA – Energy News
As the new year approaches, U.S. natural gas inventories are at their highest levels since 2016, showing a substantial supply for the winter season. This is above the five-year average, offering a cushion against potential cold weather spikes in demand.
Production and Demand
A winter storm swept across the U.S. Northeast during Thanksgiving week, causing heavy snowfall and leading to a surge in natural gas demand. Total natural gas consumption jumped by 19.3 percent, or 17.4 billion cubic feet per day (Bcf/d), compared to the week of November 25th. Residential and commercial usage saw a significant increase of 41.1 percent (13.2 Bcf/d), largely driven by a rise in power generation consumption, which grew by 9.4 percent (3.1 Bcf/d), as well as a 4.4 percent (1.1 Bcf/d) rise in industrial demand.
As of Friday, November 29th, working gas in storage was 3,937 Bcf, down by 1 percent (30 Bcf) from the previous week. Despite this slight decrease, stocks were 4.9 percent (185 Bcf) higher than last year and 7.8 percent (284 Bcf) above the five-year average of 3,653 Bcf.
U.S. natural gas rigs increased by 1 percent for the week of November 27th. This is a slight rise, but it shows a 13.8 percent decrease compared to the same time last year. The overall rig count remains lower than last year, showing producers' effort to bring prices in line.
Looking Forward
Demand for U.S. natural gas continues to grow around the world. Europe's natural gas industry is bracing for higher prices this winter as cold weather depletes natural gas storage levels, competition with Asia for liquefied natural gas (LNG) grows, and the threat of reduced Russian supplies continues. Europe’s natural gas storage is quickly running low and is already 17 percent below the five-year average. Prices are already at their highest in over a year and are expected to keep rising. This is increasing Europe's demand for foreign LNG, especially from the U.S., which became the top LNG exporter in 2024, with 12.1 Bcf/d. U.S. LNG exports are expected to grow further in 2025, reaching 13.8 Bcf/d, with new projects like Corpus Christi and Plaquemines set to begin operations by the end of 2024. This growth is expected to help meet energy needs across Europe and Asia.
As always, weather is one of our largest variables in the natural gas market; if we have a cooler-than-normal winter, we can see prices climb.
Oklahoma State School Boards Association
As the natural gas supplier of the OSSBA Natural Gas Consortium, we hope you found this newsletter helpful and informative. If you have any questions about the information in this newsletter or would like to talk to someone about your natural gas, please call Mike Thomas at 620-874-1518.
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
December 12, 2024
Q4 2024 OSSBA – Energy News
As the new year approaches, U.S. natural gas inventories are at their highest levels since 2016, showing a substantial supply for the winter season. This is above the five-year average, offering a cushion against potential cold weather spikes in demand.
Production and Demand
A winter storm swept across the U.S. Northeast during Thanksgiving week, causing heavy snowfall and leading to a surge in natural gas demand. Total natural gas consumption jumped by 19.3 percent, or 17.4 billion cubic feet per day (Bcf/d), compared to the week of November 25th. Residential and commercial usage saw a significant increase of 41.1 percent (13.2 Bcf/d), largely driven by a rise in power generation consumption, which grew by 9.4 percent (3.1 Bcf/d), as well as a 4.4 percent (1.1 Bcf/d) rise in industrial demand.
As of Friday, November 29th, working gas in storage was 3,937 Bcf, down by 1 percent (30 Bcf) from the previous week. Despite this slight decrease, stocks were 4.9 percent (185 Bcf) higher than last year and 7.8 percent (284 Bcf) above the five-year average of 3,653 Bcf.
U.S. natural gas rigs increased by 1 percent for the week of November 27th. This is a slight rise, but it shows a 13.8 percent decrease compared to the same time last year. The overall rig count remains lower than last year, showing producers' effort to bring prices in line.
Looking Forward
Demand for U.S. natural gas continues to grow around the world. Europe's natural gas industry is bracing for higher prices this winter as cold weather depletes natural gas storage levels, competition with Asia for liquefied natural gas (LNG) grows, and the threat of reduced Russian supplies continues. Europe’s natural gas storage is quickly running low and is already 17 percent below the five-year average. Prices are already at their highest in over a year and are expected to keep rising. This is increasing Europe's demand for foreign LNG, especially from the U.S., which became the top LNG exporter in 2024, with 12.1 Bcf/d. U.S. LNG exports are expected to grow further in 2025, reaching 13.8 Bcf/d, with new projects like Corpus Christi and Plaquemines set to begin operations by the end of 2024. This growth is expected to help meet energy needs across Europe and Asia.
As always, weather is one of our largest variables in the natural gas market; if we have a cooler-than-normal winter, we can see prices climb.
Oklahoma State School Boards Association
As the natural gas supplier of the OSSBA Natural Gas Consortium, we hope you found this newsletter helpful and informative. If you have any questions about the information in this newsletter or would like to talk to someone about your natural gas, please call Mike Thomas at 620-874-1518.
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
December 12, 2024
Q4 2024 OSSBA – Energy News
As the new year approaches, U.S. natural gas inventories are at their highest levels since 2016, showing a substantial supply for the winter season. This is above the five-year average, offering a cushion against potential cold weather spikes in demand.
Production and Demand
A winter storm swept across the U.S. Northeast during Thanksgiving week, causing heavy snowfall and leading to a surge in natural gas demand. Total natural gas consumption jumped by 19.3 percent, or 17.4 billion cubic feet per day (Bcf/d), compared to the week of November 25th. Residential and commercial usage saw a significant increase of 41.1 percent (13.2 Bcf/d), largely driven by a rise in power generation consumption, which grew by 9.4 percent (3.1 Bcf/d), as well as a 4.4 percent (1.1 Bcf/d) rise in industrial demand.
As of Friday, November 29th, working gas in storage was 3,937 Bcf, down by 1 percent (30 Bcf) from the previous week. Despite this slight decrease, stocks were 4.9 percent (185 Bcf) higher than last year and 7.8 percent (284 Bcf) above the five-year average of 3,653 Bcf.
U.S. natural gas rigs increased by 1 percent for the week of November 27th. This is a slight rise, but it shows a 13.8 percent decrease compared to the same time last year. The overall rig count remains lower than last year, showing producers' effort to bring prices in line.
Looking Forward
Demand for U.S. natural gas continues to grow around the world. Europe's natural gas industry is bracing for higher prices this winter as cold weather depletes natural gas storage levels, competition with Asia for liquefied natural gas (LNG) grows, and the threat of reduced Russian supplies continues. Europe’s natural gas storage is quickly running low and is already 17 percent below the five-year average. Prices are already at their highest in over a year and are expected to keep rising. This is increasing Europe's demand for foreign LNG, especially from the U.S., which became the top LNG exporter in 2024, with 12.1 Bcf/d. U.S. LNG exports are expected to grow further in 2025, reaching 13.8 Bcf/d, with new projects like Corpus Christi and Plaquemines set to begin operations by the end of 2024. This growth is expected to help meet energy needs across Europe and Asia.
As always, weather is one of our largest variables in the natural gas market; if we have a cooler-than-normal winter, we can see prices climb.
Oklahoma State School Boards Association
As the natural gas supplier of the OSSBA Natural Gas Consortium, we hope you found this newsletter helpful and informative. If you have any questions about the information in this newsletter or would like to talk to someone about your natural gas, please call Mike Thomas at 620-874-1518.
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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