Five states drove record U.S. natural gas production in 2023
Five states produced more than 70% of the record 113.1 billion cubic feet per day (Bcf/d) of U.S. marketed natural gas production in 2023. Texas accounted for 28% of U.S. marketed natural gas production in 2023, according to our Natural Gas Monthly, followed by Pennsylvania (18%), Louisiana (10%), West Virginia (8%), and New Mexico (8%). Even though production slowed in 2024, output from these five states continued to make up most—73%—of marketed U.S. natural gas this year.
Argentina’s crude oil and natural gas production near record highs
Crude oil and natural gas production in Argentina are both nearing record highs, driven by increasing output from the Vaca Muerta shale formation, which is offsetting declining output from conventional oil and natural gas fields. From January 2021 through September 2024, crude oil production in Argentina increased by 50%, and natural gas production rose by 27%, lifting output of both fuels near the records set in the early 2000s, according to data from the country’s energy ministry, the Secretaría de Energía de la República Argentina (SESCO).
U.S. inventories enter the winter with the most natural gas since 2016
Working natural gas in storage in the Lower 48 states ended the natural gas injection season with 3,922 billion cubic feet (Bcf), according to estimates based on data from our Weekly Natural Gas Storage Report released on November 7. U.S. inventories are starting winter 2024–25 with the most natural gas since 2016. Inventories are currently 6% above the five-year (2019–23) average, despite less-than-average injections into storage throughout the entire injection season, which runs April 1 through October 31. Less natural gas than the five-year average was injected in nearly every week during the 2024 injection season, in part because starting
Monthly Crude Oil and Natural Gas Production
(Fri, 29 Nov 2024) These monthly production estimates are based on data from Form EIA-914, Monthly Crude Oil, Lease Condensate, and Natural Gas Production Report.
Natural Gas Monthly
(Fri, 29 Nov 2024) In September 2024, dry natural gas production decreased year over year for the sixth time in the past seven months. Preliminary dry natural gas production in September 2024 was 3,064 billion cubic feet (Bcf), or 102.1 billion cubic feet per day (Bcf/d). Production was 2.2% (2.3 Bcf/d) lower in September 2024 than in September 2023 (104.4 Bcf/d). Gross withdrawals also decreased from September 2023
Global natural gas market may experience a tighter supply-demand balance this winter
The last two winters in the Northern Hemisphere were exceptionally mild, keeping global natural gas markets well supplied and balanced at relatively low prices. Prices going into this winter are only slightly higher than last year at the same time based on current forward natural gas and liquefied natural gas (LNG) prices in Europe and Asia. If weather remains mild this winter as in the past two winters, we expect a relatively stable global supply-demand balance with prices similar to the previous two winters. But if Europe and Asia experience colder temperatures this winter than in the past two years
Wholesale Electricity and Natural Gas Market Data
(Thu, 14 Nov 2024) This site contains spreadsheets with wholesale electricity and natural gas data from seven major trading hubs that cover most regions of the United States. The data are through November 12, 2024, republished, with permission, from the Intercontinental Exchange.
Northwest U.S. and western Canadian natural gas prices trade at historic lows in 2024
Monthly average natural gas spot prices at northwestern U.S. and western Canada border pricing hubs reached historic lows in 2024 through October, according to data from Natural Gas Intelligence. Robust natural gas production in western Canada, where output has generally increased over the last two years, and high natural gas inventories in the region contributed to the low prices.