Chat with us, powered by LiveChat

July 18, 2024

July 2024 – Energy News

As mentioned last month, we anticipated a volatile hurricane season, which was confirmed when Hurricane Beryl struck the Texas coast. The storm left three million Houston residents without power and damaged the Freeport Facility, resulting in a slight spike in natural gas prices.

Domestic Demand

Natural gas consumption rose by six percent or 4.4 billion cubic feet per day (Bcf/d), primarily due to warmer-than-normal temperatures across the country. Due to these high temperatures, natural gas consumption for power generation surged by 10 percent (4.3 Bcf/d) compared to the week of July 1st. In contrast, industrial sector consumption decreased slightly by 0.3 percent (0.1 Bcf/d), while residential and commercial consumption increased by 1.4 percent (0.1 Bcf/d).

International Demand  

On Monday, July 15th, Freeport, the Liquified Natural Gas (LNG) export facility in Texas, announced its intention to restart one of its liquefaction trains this week. The decision comes after the facility was shut down on July 7th in anticipation of Hurricane Beryl. Beryl, downgraded after hitting near Matagorda, approximately 50 miles from the facility, caused damage to the Freeport Facility while sparing other Gulf Coast export terminals from significant impact. Despite the plant's outage, global natural gas prices have remained stable, with European and Asian prices showing minimal movement over the past week.

Production & Supply  

For the week ending Tuesday, July 2, the natural gas rig count rose by four rigs to reach 101 rigs compared to the previous week. While the rig count remains 25.2 percent lower than last year, continued drilling efficiencies and a warmer-than-normal winter have helped the U.S. maintain a robust natural gas storage level at 3,199 Bcf. This storage level is 9.7 percent higher than the same period last year and exceeds the five-year average by 18.7 percent.

Market Data:

July 18, 2024

Weekly Natural Gas Storage (Values listed in Bcf)
Year to Year 5-year average
Region 7/5/24 7/5/23 % change Bcf % change
East 682 650 4.90 576 18.4
Midwest 800 719 11.30 661 21
Mountain 245 178 37.60 164 49.4
Pacific 289 222 30.20 258 12
South Central 1,183 1,146 3.20 1,036 14.2
Total 3,199 2,916 9.70 2,695 18.7
CME (Henry Hub) Natural Gas Futures (Values listed in dekatherms) 
Date Price
7/8/24 $2.10
6/4/24 $2.58
5/3/24 $1.67
4/2/24 $1.65
3/5/24 $1.51
2/7/24 $2.12
1/3/24 $2.57
1/3/24 $2.57
12/5/23 $2.27
10/31/23 $3.34
10/9/23 $3.34
10/3/23 $2.71
9/5/23 $2.60
8/4/23 $2.53
7/5/23 $2.65
6/6/23 $1.95
5/9/23 $2.22
4/11/23 $2.19
3/3/23 $2.50
2/7/23 $2.35
1/4/23 $3.75
12/1/22 $6.03
11/1/22 $4.57
10/12/22 $6.60
9/13/22 $8.49
8/9/222 $7.87
7/12/22 $6.81
6/14/22 $7.68
5/17/22 $8.26
4/4/22 $5.72
3/7/22 $4.93
2/8/22 $4.30
1/11/22 $4.16
12/7/21 $3.60
11/5/21 $5.33
10/4/21 $5.80
9/13/21 $5.21
8/13/21 $3.95
7/6/21 $3.68
https://www.eia.gov/dnav/ng/hist/rngwhhdD.htm
Utility Costs of Gas (Values listed in dekatherms)
Month Mid American - IA Alliant - IA Black Hills - IA Black Hills - NE Xcel Small Volume Xcel Large Volume Kansas Gas Service Midwest Energy Spire West Spire East
July '24 $5.67 $6.75 $5.73 4.09 $3.66 $3.62 $4.66 $3.07 $7.76 $10.19
June '24 $4.96 $4.64 $4.89 $3.67 $3.71 $3.66 $4.75 $2.77 $7.76 $10.19
May '24 $4.07 $7.66 $5.32 $3.62 $3.71 $3.66 $4.70 $2.86 $7.76 $10.19
April '24 $3.61 $6.47 $6.07 $4.14 $4.20 $4.15 $4.59 $3.17 $7.76 $10.19
March '24 $4.04 $6.48 $5.79 $3.95 $4.20 $4.15 $4.64 $4.82 $7.76 $10.19
February '24 $5.09 $5.98 $5.19 $5.19 $4.20 $4.15 $4.59 $6.58 $7.76 $10.19
January '24 $4.33 $5.45 $4.81 $4.81 $4.20 $4.15 $4.85 $4.03 $7.76 $10.19
December '23 $4.26 $5.53 $4.89 $4.89 $4.66 $4.61 $5.12 $3.75 $7.76 $10.75
November '23 $4.39 $5.39 $4.64 $4.46 $4.66 $4.61 $5.32 $3.33 $7.76 $10.75
October '23 $3.55 $4.74 $4.29 $4.67 $4.66 $4.61 $5.36 $3.47 $7.76 $10.75
September '23 $3.64 $5.03 $4.38 $3.81 $3.34 $3.29 $5.55 $3.50 $7.76 $10.75
August '23 $3.01 $7.89 $2.56 $3.96 $3.34 $3.29 $8.83 $3.71 $7.67 $10.75
July '23 $2.41 $7.83 $2.69 $3.96 $3.34 $3.29 $9.57 $3.16 $7.67 $10.75
June '23 $3.64 $7.98 $1.69 $3.57 $4.19 $4.14 $8.23 $3.09 $7.78 $10.75
May '23 $3.56 $7.94 $3.51 $4.85 $4.19 $4.14 $8.85 $4.64 $7.78 $10.75
April '23 $3.17 $5.75 $4.95 $6.21 $4.19 $4.14 $8.94 $5.19 $7.78 $10.75
March '23 $4.18 $7.93 $7.43 $8.61 $4.60 $4.48 $8.46 $7.90 $7.78 $10.75
February '23 $5.71 $9.00 $9.02 $9.08 $5.98 $5.91 $9.07 $10.05 $7.67 $10.75
January '23 $7.34 $7.90 $10.29 $10.49 $7.87 $7.80 $9.60 $9.99 $7.67 $10.75
December '22 $7.49 $8.72 $9.01 $8.76 $10.04 $9.99 $8.89 $7.77
November '22 $6.58 $8.54 $7.34 $7.82 $10.04 $9.99 $9.21 $7.89
October '22 $6.16 $8.06 $6.72 $6.76 $10.04 $9.99 $12.21 $10.76
September '22 $9.60 $9.33 $9.27 $9.65 $9.38 $9.32 $12.26 $10.86
August '22 $5.79 $5.09 $6.50 $9.26 $9.38 $9.32 $10.36 $8.89
July '22 $6.45 $3.08 $4.54 $7.22 $9.38 $9.32 $10.99 $10.05
June '22 $10.33 $9.48 $4.97 $9.18 $5.27 $5.22 $9.80 $9.41
May '22 $9.16 $6.34 $5.50 $6.69 $5.27 $5.22 $8.61 $7.90
April '22 $9.81 $5.56 $6.78 $6.03 $5.27 $5.22 $8.22 $7.03
March '22 $9.29 $6.62 $6.78 $5.53 $4.93 $4.87 $8.35 $8.43
February '22 $9.25 $8.01 $6.86 $5.95 $4.93 $4.87 $7.58 $7.96
January '22 $9.36 $8.01 $7.10 $6.83 $4.93 $4.87 $7.46 $7.64
December '21 $9.76 $8.08 $6.27 $6.08 $5.31 $5.25 $7.49 $8.19
November '21 $9.67 $8.69 $6.49 $6.54 $5.31 $5.25 $6.46 $7.65
October '21 $9.25 $8.60 $6.69 $6.81 $5.31 $5.25 $6.22 $6.54
Local First of the Month Markets (Values listed in dekatherms)
Month NNG Ventura Chicago Citygates Colorado Interstate Gas SouthernStar Panhandle
July '24 $2.20 $2.19 $2.01 $1.97 $1.99
June '24 $1.79 $1.97 $1.36 $1.66 $1.64
May '24 $1.22 $1.39 $1.12 $1.21 $1.20
April '24 $1.38 $1.45 $1.27 $1.28 $1.29
March '24 $1.47 $1.80 $1.36 $1.39 $1.36
February '24 $3.74 $3.17 $3.20 $3.31 $3.06
January '24 $3.07 $2.80 $2.73 $2.95 $2.66
December '23 $3.06 $2.76 $2.49 $2.83 $2.60
November '23 $2.27 $2.78 $2.69 $2.68 $2.59
October '23 $2.27 $2.36 $2.01 $2.24 $2.11
September '23 $2.26 $2.29 $2.13 $2.19 $2.13
August '23 $2.16 $2.22 $2.27 $2.12 $2.04
July '23 $2.29 $2.36 $2.45 $2.28 $2.24
June '23 $1.95 $1.98 $1.98 $1.87 $1.85
May '23 $1.90 $1.97 $1.94 $1.87 $1.81
April '23 $1.97 $2.01 $2.02 $1.89 $1.74
March '23 $2.59 $2.49 $2.27 $3.90 $5.74
February '23 $6.65 $4.44 $5.31 $5.20 $3.81
January '23 $7.98 $6.04 $8.63 $8.43 $5.74
December '22 $7.50 $7.00 $7.08 $6.88 $6.52
November '22 $4.97 $4.95 $4.88 $4.65 $4.48
October '22 $5.47 $5.68 $5.23 $5.41 $4.96
September '22 $8.55 $8.79 $8.54 $8.40 $8.29
August '22 $8.25 $8.45 $8.26 $8.08 $8.08
July '22 $6.20 $6.34 $5.84 $6.20 $8.00
June '22 $8.51 $8.72 $7.42 $8.50 $8.31
May '22 $6.87 $7.11 $6.13 $6.65 $6.62
April '22 $4.83 $5.10 $4.84 $4.77 $4.76
March '22 $4.52 $5.53 $4.35 $4.41 $4.62
February '22 $6.02 $7.02 $4.77 $6.68 $6.58
January '22 $7.21 $5.68 $5.38 $5.95 $5.38
December '21 $5.50 $5.62 $4.91 $5.59 $5.42
November '21 $5.95 $6.29 $4.57 $5.96 $6.01
October '21 $5.44 $5.70 $4.79 $5.58 $5.40
September '21 $4.01 $4.22 $3.67 $4.00 $3.96
August '21 $3.76 $3.89 $3.78 $3.78 $3.72
July '21 $3.41 $3.46 $3.16 $3.48 $3.33
June '21 $2.74 $2.85 $2.67 $2.83 $2.76

July 18, 2024

July 2024 – Energy News

As mentioned last month, we anticipated a volatile hurricane season, which was confirmed when Hurricane Beryl struck the Texas coast. The storm left three million Houston residents without power and damaged the Freeport Facility, resulting in a slight spike in natural gas prices.

Domestic Demand

Natural gas consumption rose by six percent or 4.4 billion cubic feet per day (Bcf/d), primarily due to warmer-than-normal temperatures across the country. Due to these high temperatures, natural gas consumption for power generation surged by 10 percent (4.3 Bcf/d) compared to the week of July 1st. In contrast, industrial sector consumption decreased slightly by 0.3 percent (0.1 Bcf/d), while residential and commercial consumption increased by 1.4 percent (0.1 Bcf/d).

International Demand  

On Monday, July 15th, Freeport, the Liquified Natural Gas (LNG) export facility in Texas, announced its intention to restart one of its liquefaction trains this week. The decision comes after the facility was shut down on July 7th in anticipation of Hurricane Beryl. Beryl, downgraded after hitting near Matagorda, approximately 50 miles from the facility, caused damage to the Freeport Facility while sparing other Gulf Coast export terminals from significant impact. Despite the plant's outage, global natural gas prices have remained stable, with European and Asian prices showing minimal movement over the past week.

Production & Supply  

For the week ending Tuesday, July 2, the natural gas rig count rose by four rigs to reach 101 rigs compared to the previous week. While the rig count remains 25.2 percent lower than last year, continued drilling efficiencies and a warmer-than-normal winter have helped the U.S. maintain a robust natural gas storage level at 3,199 Bcf. This storage level is 9.7 percent higher than the same period last year and exceeds the five-year average by 18.7 percent.

Year to Year 5-year average
Region 7/5/24 7/5/23 % change Bcf % change
East 682 650 4.90 576 18.4
Midwest 800 719 11.30 661 21
Mountain 245 178 37.60 164 49.4
Pacific 289 222 30.20 258 12
South Central 1,183 1,146 3.20 1,036 14.2
Total 3,199 2,916 9.70 2,695 18.7

July 18, 2024

July 2024 – Energy News

As mentioned last month, we anticipated a volatile hurricane season, which was confirmed when Hurricane Beryl struck the Texas coast. The storm left three million Houston residents without power and damaged the Freeport Facility, resulting in a slight spike in natural gas prices.

Domestic Demand

Natural gas consumption rose by six percent or 4.4 billion cubic feet per day (Bcf/d), primarily due to warmer-than-normal temperatures across the country. Due to these high temperatures, natural gas consumption for power generation surged by 10 percent (4.3 Bcf/d) compared to the week of July 1st. In contrast, industrial sector consumption decreased slightly by 0.3 percent (0.1 Bcf/d), while residential and commercial consumption increased by 1.4 percent (0.1 Bcf/d).

International Demand  

On Monday, July 15th, Freeport, the Liquified Natural Gas (LNG) export facility in Texas, announced its intention to restart one of its liquefaction trains this week. The decision comes after the facility was shut down on July 7th in anticipation of Hurricane Beryl. Beryl, downgraded after hitting near Matagorda, approximately 50 miles from the facility, caused damage to the Freeport Facility while sparing other Gulf Coast export terminals from significant impact. Despite the plant's outage, global natural gas prices have remained stable, with European and Asian prices showing minimal movement over the past week.

Production & Supply  

For the week ending Tuesday, July 2, the natural gas rig count rose by four rigs to reach 101 rigs compared to the previous week. While the rig count remains 25.2 percent lower than last year, continued drilling efficiencies and a warmer-than-normal winter have helped the U.S. maintain a robust natural gas storage level at 3,199 Bcf. This storage level is 9.7 percent higher than the same period last year and exceeds the five-year average by 18.7 percent.

Market Data:

July 18, 2024

Weekly Natural Gas Storage (Values listed in Bcf)
Year to Year 5-year average
Region 7/5/24 7/5/23 % change Bcf % change
East 682 650 4.90 576 18.4
Midwest 800 719 11.30 661 21
Mountain 245 178 37.60 164 49.4
Pacific 289 222 30.20 258 12
South Central 1,183 1,146 3.20 1,036 14.2
Total 3,199 2,916 9.70 2,695 18.7
CME (Henry Hub) Natural Gas Futures (Values listed in dekatherms) 
Date Price
7/8/24 $2.10
6/4/24 $2.58
5/3/24 $1.67
4/2/24 $1.65
3/5/24 $1.51
2/7/24 $2.12
1/3/24 $2.57
1/3/24 $2.57
12/5/23 $2.27
10/31/23 $3.34
10/9/23 $3.34
10/3/23 $2.71
9/5/23 $2.60
8/4/23 $2.53
7/5/23 $2.65
6/6/23 $1.95
5/9/23 $2.22
4/11/23 $2.19
3/3/23 $2.50
2/7/23 $2.35
1/4/23 $3.75
12/1/22 $6.03
11/1/22 $4.57
10/12/22 $6.60
9/13/22 $8.49
8/9/222 $7.87
7/12/22 $6.81
6/14/22 $7.68
5/17/22 $8.26
4/4/22 $5.72
3/7/22 $4.93
2/8/22 $4.30
1/11/22 $4.16
12/7/21 $3.60
11/5/21 $5.33
10/4/21 $5.80
9/13/21 $5.21
8/13/21 $3.95
7/6/21 $3.68
https://www.eia.gov/dnav/ng/hist/rngwhhdD.htm
Utility Costs of Gas (Values listed in dekatherms)
Month Mid American - IA Alliant - IA Black Hills - IA Black Hills - NE Xcel Small Volume Xcel Large Volume Kansas Gas Service Midwest Energy Spire West Spire East
July '24 $5.67 $6.75 $5.73 4.09 $3.66 $3.62 $4.66 $3.07 $7.76 $10.19
June '24 $4.96 $4.64 $4.89 $3.67 $3.71 $3.66 $4.75 $2.77 $7.76 $10.19
May '24 $4.07 $7.66 $5.32 $3.62 $3.71 $3.66 $4.70 $2.86 $7.76 $10.19
April '24 $3.61 $6.47 $6.07 $4.14 $4.20 $4.15 $4.59 $3.17 $7.76 $10.19
March '24 $4.04 $6.48 $5.79 $3.95 $4.20 $4.15 $4.64 $4.82 $7.76 $10.19
February '24 $5.09 $5.98 $5.19 $5.19 $4.20 $4.15 $4.59 $6.58 $7.76 $10.19
January '24 $4.33 $5.45 $4.81 $4.81 $4.20 $4.15 $4.85 $4.03 $7.76 $10.19
December '23 $4.26 $5.53 $4.89 $4.89 $4.66 $4.61 $5.12 $3.75 $7.76 $10.75
November '23 $4.39 $5.39 $4.64 $4.46 $4.66 $4.61 $5.32 $3.33 $7.76 $10.75
October '23 $3.55 $4.74 $4.29 $4.67 $4.66 $4.61 $5.36 $3.47 $7.76 $10.75
September '23 $3.64 $5.03 $4.38 $3.81 $3.34 $3.29 $5.55 $3.50 $7.76 $10.75
August '23 $3.01 $7.89 $2.56 $3.96 $3.34 $3.29 $8.83 $3.71 $7.67 $10.75
July '23 $2.41 $7.83 $2.69 $3.96 $3.34 $3.29 $9.57 $3.16 $7.67 $10.75
June '23 $3.64 $7.98 $1.69 $3.57 $4.19 $4.14 $8.23 $3.09 $7.78 $10.75
May '23 $3.56 $7.94 $3.51 $4.85 $4.19 $4.14 $8.85 $4.64 $7.78 $10.75
April '23 $3.17 $5.75 $4.95 $6.21 $4.19 $4.14 $8.94 $5.19 $7.78 $10.75
March '23 $4.18 $7.93 $7.43 $8.61 $4.60 $4.48 $8.46 $7.90 $7.78 $10.75
February '23 $5.71 $9.00 $9.02 $9.08 $5.98 $5.91 $9.07 $10.05 $7.67 $10.75
January '23 $7.34 $7.90 $10.29 $10.49 $7.87 $7.80 $9.60 $9.99 $7.67 $10.75
December '22 $7.49 $8.72 $9.01 $8.76 $10.04 $9.99 $8.89 $7.77
November '22 $6.58 $8.54 $7.34 $7.82 $10.04 $9.99 $9.21 $7.89
October '22 $6.16 $8.06 $6.72 $6.76 $10.04 $9.99 $12.21 $10.76
September '22 $9.60 $9.33 $9.27 $9.65 $9.38 $9.32 $12.26 $10.86
August '22 $5.79 $5.09 $6.50 $9.26 $9.38 $9.32 $10.36 $8.89
July '22 $6.45 $3.08 $4.54 $7.22 $9.38 $9.32 $10.99 $10.05
June '22 $10.33 $9.48 $4.97 $9.18 $5.27 $5.22 $9.80 $9.41
May '22 $9.16 $6.34 $5.50 $6.69 $5.27 $5.22 $8.61 $7.90
April '22 $9.81 $5.56 $6.78 $6.03 $5.27 $5.22 $8.22 $7.03
March '22 $9.29 $6.62 $6.78 $5.53 $4.93 $4.87 $8.35 $8.43
February '22 $9.25 $8.01 $6.86 $5.95 $4.93 $4.87 $7.58 $7.96
January '22 $9.36 $8.01 $7.10 $6.83 $4.93 $4.87 $7.46 $7.64
December '21 $9.76 $8.08 $6.27 $6.08 $5.31 $5.25 $7.49 $8.19
November '21 $9.67 $8.69 $6.49 $6.54 $5.31 $5.25 $6.46 $7.65
October '21 $9.25 $8.60 $6.69 $6.81 $5.31 $5.25 $6.22 $6.54
Local First of the Month Markets (Values listed in dekatherms)
Month NNG Ventura Chicago Citygates Colorado Interstate Gas SouthernStar Panhandle
July '24 $2.20 $2.19 $2.01 $1.97 $1.99
June '24 $1.79 $1.97 $1.36 $1.66 $1.64
May '24 $1.22 $1.39 $1.12 $1.21 $1.20
April '24 $1.38 $1.45 $1.27 $1.28 $1.29
March '24 $1.47 $1.80 $1.36 $1.39 $1.36
February '24 $3.74 $3.17 $3.20 $3.31 $3.06
January '24 $3.07 $2.80 $2.73 $2.95 $2.66
December '23 $3.06 $2.76 $2.49 $2.83 $2.60
November '23 $2.27 $2.78 $2.69 $2.68 $2.59
October '23 $2.27 $2.36 $2.01 $2.24 $2.11
September '23 $2.26 $2.29 $2.13 $2.19 $2.13
August '23 $2.16 $2.22 $2.27 $2.12 $2.04
July '23 $2.29 $2.36 $2.45 $2.28 $2.24
June '23 $1.95 $1.98 $1.98 $1.87 $1.85
May '23 $1.90 $1.97 $1.94 $1.87 $1.81
April '23 $1.97 $2.01 $2.02 $1.89 $1.74
March '23 $2.59 $2.49 $2.27 $3.90 $5.74
February '23 $6.65 $4.44 $5.31 $5.20 $3.81
January '23 $7.98 $6.04 $8.63 $8.43 $5.74
December '22 $7.50 $7.00 $7.08 $6.88 $6.52
November '22 $4.97 $4.95 $4.88 $4.65 $4.48
October '22 $5.47 $5.68 $5.23 $5.41 $4.96
September '22 $8.55 $8.79 $8.54 $8.40 $8.29
August '22 $8.25 $8.45 $8.26 $8.08 $8.08
July '22 $6.20 $6.34 $5.84 $6.20 $8.00
June '22 $8.51 $8.72 $7.42 $8.50 $8.31
May '22 $6.87 $7.11 $6.13 $6.65 $6.62
April '22 $4.83 $5.10 $4.84 $4.77 $4.76
March '22 $4.52 $5.53 $4.35 $4.41 $4.62
February '22 $6.02 $7.02 $4.77 $6.68 $6.58
January '22 $7.21 $5.68 $5.38 $5.95 $5.38
December '21 $5.50 $5.62 $4.91 $5.59 $5.42
November '21 $5.95 $6.29 $4.57 $5.96 $6.01
October '21 $5.44 $5.70 $4.79 $5.58 $5.40
September '21 $4.01 $4.22 $3.67 $4.00 $3.96
August '21 $3.76 $3.89 $3.78 $3.78 $3.72
July '21 $3.41 $3.46 $3.16 $3.48 $3.33
June '21 $2.74 $2.85 $2.67 $2.83 $2.76

July 18, 2024

July 2024 – Energy News

As mentioned last month, we anticipated a volatile hurricane season, which was confirmed when Hurricane Beryl struck the Texas coast. The storm left three million Houston residents without power and damaged the Freeport Facility, resulting in a slight spike in natural gas prices.

Domestic Demand

Natural gas consumption rose by six percent or 4.4 billion cubic feet per day (Bcf/d), primarily due to warmer-than-normal temperatures across the country. Due to these high temperatures, natural gas consumption for power generation surged by 10 percent (4.3 Bcf/d) compared to the week of July 1st. In contrast, industrial sector consumption decreased slightly by 0.3 percent (0.1 Bcf/d), while residential and commercial consumption increased by 1.4 percent (0.1 Bcf/d).

International Demand  

On Monday, July 15th, Freeport, the Liquified Natural Gas (LNG) export facility in Texas, announced its intention to restart one of its liquefaction trains this week. The decision comes after the facility was shut down on July 7th in anticipation of Hurricane Beryl. Beryl, downgraded after hitting near Matagorda, approximately 50 miles from the facility, caused damage to the Freeport Facility while sparing other Gulf Coast export terminals from significant impact. Despite the plant's outage, global natural gas prices have remained stable, with European and Asian prices showing minimal movement over the past week.

Production & Supply  

For the week ending Tuesday, July 2, the natural gas rig count rose by four rigs to reach 101 rigs compared to the previous week. While the rig count remains 25.2 percent lower than last year, continued drilling efficiencies and a warmer-than-normal winter have helped the U.S. maintain a robust natural gas storage level at 3,199 Bcf. This storage level is 9.7 percent higher than the same period last year and exceeds the five-year average by 18.7 percent.

July 18, 2024

July 2024 – Energy News

As mentioned last month, we anticipated a volatile hurricane season, which was confirmed when Hurricane Beryl struck the Texas coast. The storm left three million Houston residents without power and damaged the Freeport Facility, resulting in a slight spike in natural gas prices.

Domestic Demand

Natural gas consumption rose by six percent or 4.4 billion cubic feet per day (Bcf/d), primarily due to warmer-than-normal temperatures across the country. Due to these high temperatures, natural gas consumption for power generation surged by 10 percent (4.3 Bcf/d) compared to the week of July 1st. In contrast, industrial sector consumption decreased slightly by 0.3 percent (0.1 Bcf/d), while residential and commercial consumption increased by 1.4 percent (0.1 Bcf/d).

International Demand  

On Monday, July 15th, Freeport, the Liquified Natural Gas (LNG) export facility in Texas, announced its intention to restart one of its liquefaction trains this week. The decision comes after the facility was shut down on July 7th in anticipation of Hurricane Beryl. Beryl, downgraded after hitting near Matagorda, approximately 50 miles from the facility, caused damage to the Freeport Facility while sparing other Gulf Coast export terminals from significant impact. Despite the plant's outage, global natural gas prices have remained stable, with European and Asian prices showing minimal movement over the past week.

Production & Supply  

For the week ending Tuesday, July 2, the natural gas rig count rose by four rigs to reach 101 rigs compared to the previous week. While the rig count remains 25.2 percent lower than last year, continued drilling efficiencies and a warmer-than-normal winter have helped the U.S. maintain a robust natural gas storage level at 3,199 Bcf. This storage level is 9.7 percent higher than the same period last year and exceeds the five-year average by 18.7 percent.

July 18, 2024

July 2024 – Energy News

As mentioned last month, we anticipated a volatile hurricane season, which was confirmed when Hurricane Beryl struck the Texas coast. The storm left three million Houston residents without power and damaged the Freeport Facility, resulting in a slight spike in natural gas prices.

Domestic Demand

Natural gas consumption rose by six percent or 4.4 billion cubic feet per day (Bcf/d), primarily due to warmer-than-normal temperatures across the country. Due to these high temperatures, natural gas consumption for power generation surged by 10 percent (4.3 Bcf/d) compared to the week of July 1st. In contrast, industrial sector consumption decreased slightly by 0.3 percent (0.1 Bcf/d), while residential and commercial consumption increased by 1.4 percent (0.1 Bcf/d).

International Demand  

On Monday, July 15th, Freeport, the Liquified Natural Gas (LNG) export facility in Texas, announced its intention to restart one of its liquefaction trains this week. The decision comes after the facility was shut down on July 7th in anticipation of Hurricane Beryl. Beryl, downgraded after hitting near Matagorda, approximately 50 miles from the facility, caused damage to the Freeport Facility while sparing other Gulf Coast export terminals from significant impact. Despite the plant's outage, global natural gas prices have remained stable, with European and Asian prices showing minimal movement over the past week.

Production & Supply  

For the week ending Tuesday, July 2, the natural gas rig count rose by four rigs to reach 101 rigs compared to the previous week. While the rig count remains 25.2 percent lower than last year, continued drilling efficiencies and a warmer-than-normal winter have helped the U.S. maintain a robust natural gas storage level at 3,199 Bcf. This storage level is 9.7 percent higher than the same period last year and exceeds the five-year average by 18.7 percent.

Enroll in Choice Gas with Three Easy Steps

Click here to access our online Choice tool, or call our Choice gas experts at 1 (877) 790-4990.

Step 1: Enter your account number

  • Your Black Hills Energy account number is located at the top right-hand corner of your bill.

Step 2: Review price offers and make your selection

Step 3: Confirm your selection and enter your control number

  • You received a control number in your 2024 Choice Gas customer letter mailed to you from Black Hills Energy. If you cannot locate this, you will need to retrieve your control number by calling 877-245-3506 or visit choicegas.com

Once enrolled, you will be removed from marketing communications from other suppliers during the current enrollment period.

Boy adjusting temperature
Learn more about the Residential Choice Gas Program
Learn More
 Business owner adjusting temperature
Learn more about the Commercial Choice Gas Program
Learn More
© Copyright 2024 WoodRiver Energy, LLC.