Natural Gas Spikes Above $9 Mark, EIA Sees Record US Consumption

15 Sep 2022 , 11:40 AM

The US Natural Gas futures soared sharply in last session, hitting two week high above 9 per mmbtu mark as market focused on extremely firm demand trends. The EIA expects US natural gas consumption to increase by 3.6 billion cubic feet per day (Bcf/d) in the United States during 2022 to average 86.6 Bcf/d for the year, the most annual U.S. natural gas consumption on record. It forecast that U.S. natural gas consumption will increase in all end-use sectors this year. Global undertone in the Natural Gas market remains strong as Europe continues to reduce its reliance on Russian gas and scrambles to boost alternative supplies.Powered by Commodity Insights