U.S. sees record natural gas consumption

In 2024, U.S. natural gas consumption reached a historic high, averaging 90.3 billion cubic feet per day (Bcf/d), according to the U.S. Energy Information Administration (EIA). This marked a 1% increase from the previous year, driven by both winter and summer spikes in demand.

January and July saw record-breaking consumption, with January experiencing a 12% increase compared to the same month in 2023, driven by a cold start to the year. In contrast, July saw a more moderate 3% increase, fueled by intense summer heat and high air-conditioning demand.

Despite the early-year surge, milder weather from February through April led to lower natural gas consumption compared to 2023. However, from May through September, consumption consistently surpassed previous yearly records, fueled by unusually low natural gas prices and a shift in the electric power sector. The low prices made natural gas more competitive, especially compared to coal, driving a 4% increase in consumption in the electric power sector, which accounted for 41% of total U.S. gas usage.

The summer of 2024 ranked as the fourth-warmest on record in the U.S., with peak electricity generation in July and August contributing to new daily records for natural gas use.