U.S. natural gas production saw its largest daily decline in more than a decade on Wednesday. A cold snap that hit much of North America has frozen water inside pipelines, forcing production wells to shut down.
Supply in 48 US states, excluding Alaska and Hawaii, decreased by nearly 10 billion cubic feet from the previous day. This corresponds to approximately 10% of the previous day. Data from BloombergNEF (BNEF) showed temperatures were below freezing across the board in key growth states, including Texas, the state with the greatest supply.
On the other hand, domestic demand (on a daily basis) climbed to levels not seen since early 2019. The first pipeline appointments being charted by BNEF suggest gas supplies could start to recover on Monday, though still below normal levels.
news-rsf-original-reference paywall">Original title:Winter storm hammers US natural gas production as pipes freeze(extract)
