BAKU, Azerbaijan, May 9. The US Energy Information Administration (EIA) forecasts natural gas consumption in the US to remain steady in 2024, matching last year's average of 89 billion cubic feet per day (Bcf/d), Trend reports.
While there are slight upticks expected in residential, commercial, and electric power sectors, these are balanced by a marginal decrease in industrial sector usage, the agency noted.
In May 2024, the EIA projects natural gas consumption to hit 72 Bcf/d, marking a 3-percent decline compared to May 2023. As the agency explains, this drop is primarily attributed to cooler temperatures and increased reliance on renewable energy sources for electricity generation.
May typically sees lower natural gas consumption in the US due to reduced demand for space heating and the yet-to-rise demand for air conditioning amid warmer weather. Following this trend, the EIA anticipates consumption to remain relatively stable throughout the rest of the year.
Moving into the second half of 2024, the EIA forecasts a modest uptick in natural gas consumption to an average of 88 Bcf/d - up by 1 percent year-on-year. This rise is expected to be driven by heightened demand in the residential and commercial sectors, particularly in the fourth quarter, as colder temperatures prompt greater use of space heating, the agency noted.