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Winter Freeze Impacts U.S. Natural Gas Production

by Richie
01/15/2024
in Industry, Risk Mitigation, Security & Risk

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Sub-zero temperatures across the United States have led to a significant reduction in natural gas production, reaching the lowest levels in 11 months, as reported by Reuters, based on local data.

The report highlights that the freezing conditions have caused gas wells to freeze, impacting production. Meanwhile, electricity demand is surging and is anticipated to hit record highs in some states, particularly Texas. The state’s grid regulator issued a conservation call for Monday morning, expecting demand to surpass last summer’s record.

The Electric Reliability Council of Texas (ERCOT) stated, “Operating reserves are expected to be low Monday morning due to continued freezing temperatures, record-breaking demand, [and] unseasonably low wind.”

According to federal energy data cited by Reuters, Texas, boasting the largest gas output and wind generation capacity, is expected to see electricity demand reach 85.56 GW on Tuesday. However, ERCOT estimates that supply might fall short by 1 GW.

Data from LSEG, the market research unit of Reuters, suggests that the demand for natural gas in the U.S., including exports, could reach a record-breaking 164.6 billion cubic feet, rising further to 171.9 billion cubic feet on Tuesday.

In North Dakota, gas production has witnessed a decline, with the state’s Pipeline Authority reporting a daily reduction of 700 to 800 million cubic feet. Additionally, oil production has decreased by approximately 250,000 to 280,000 barrels per day.

These developments have triggered a surge in gas prices. According to Bloomberg, the Henry Hub spot price experienced a 400% increase last Friday, reaching $17 per million British thermal units. In comparison, the most traded futures contract for February delivery stood at $3 per mmBtu.

This situation raises concerns about a potential recurrence of the challenges faced during the winter of 2021, which left hundreds of thousands without power for an extended period, particularly impacting Texas.

Get the latest supply chain report news at The Supply Chain Report. Learn more about international trade with tools from ADAMftd.com.

#SubZeroTemperatures #NaturalGasProduction #TexasEnergyDemand #ERCOT #GasPriceSurge #Winter2021Challenges #EnergyCrisis #NaturalGasDemand #ElectricityShortage #PowerConservation

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