Gas bills next winter may look different from last winter's, with all relevant implications for the broader economy.
Natural gas prices in the United States plunged 62% last year compared to a year earlier. Prices were driven lower by booming production, where growth substantially outpaced demand growth. The low prices for gas stimulated a surge in U.S. LNG exports, and at home, they prompted a palpable decline in household heating bills—leaving people with a bit more money to spend on other things.
Related This Could Be A Gamechanger For Natural Gas In Europe EQT, the largest gas producer in the country, said earlier this month that it would cut production “strategically” this month, in response to low benchmark prices. The company would shave some 1 billion cu ft from its average daily, it said, “in response to the current low natural gas price environment resulting from warm winter weather and consequent elevated storage inventories.