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Natural gas production is lowered by winter storm
Last Friday, the largest one-day decline in more than ten years was registered in U.S. natural gas production. A decrease was caused by a massive winter storm that covered most of North America and froze liquids inside the pipes. Due to this, wells were shut down.
As shown by data provided by BloombergNEF, in 48 states there was a supply cut by about 10 billion cubic feet, which is nearly 10%, in comparison with the previous day. The main reason for this was temperature falling below zero in a range of key producing areas, including Texas. At the same time, domestic demand reached record-high levels since the beginning of 2019. Meanwhile, looking at the early pipeline nominations tracked by BNEF, Saturday's gas deliveries are still below normal.
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