Record-breaking natural gas demand for power generation, driven by a scorching heatwave, has pushed prices higher despite ample storage levels.
On July 9, 2024, U.S. power plant operators in the Lower 48 states generated 6.9 million MWh of electricity from natural gas , marking a record high since the collection of hourly data began on January 1, 2019. This surge in natural gas -fired generation was driven by exceptionally high temperatures across the country and a significant decrease in wind generation.
Wholesale natural gas spot prices fell to record lows in the first half of 2024, pricing data shows, with the monthly wholesale spot natural gas price at the U.S. benchmark Henry Hub falling by 20% to $2.56 per MMBtu between January and June. So, while July demand hit record highs, dry natural gas production reached new highs in November and December, averaging 106 Bcf/d, leading to an inventory surplus that sent more natural gas into U.S. storage than usual.
Power Generation Heatwave Demand Prices Henry Hub Storage Electricity US Production
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