American Oil and Gas Reporter - March 2024 - 36
Wood Mackenzie Predicts
More Gas Demand,
Needs In Infrastructure, Storage
LONDON-Market expansion continues
for the natural gas sector, but 2024
may have its share of volatility, a Wood
Mackenzie report indicates.
The analysis, " North America Natural
Gas: Five Things to Look For in 2024, "
mentions a handful of key themes:
· The need for more storage;
· Resilient gas demand
· Liquefied natural gas export growth;
and
· Infrastructure positioning for production
growth.
The report acknowledges that record
production and a mild start to the winter
had Henry Hub prices seeking a floor.
" Amid these dynamics, underlying structural
shifts and market expansion continues
at pace, but a volatile path may lie ahead, "
it reflects. " Gas-fired power demand remains
surprisingly resilient, even as renewable
capacity build-out accelerates.
" The second wave of LNG export
FIGURE 1
Lower 48 U.S. States Natural Gas Storage Days, Demand Coverage
80
Storage And Power
With 2024 beginning amid a significant
natural gas storage surplus, Henry
Hub gas prices shed more than $1 an
MMBtu from their November highs,
Wood Mackenzie observes. Given inventory
levels above the five-year average,
the need for new storage development
may be far from the market's psyche.
However, the firm predicts a conversation
on expanding storage capacity will crop
back up in the second half of 2024 if
developments are set to materialize by
late next year, and midstream infrastructure
is positioning to accommodate
the higher level of production soon to
be necessary, " the report continues.
" Elsewhere, the natural gas market supply's
best answer to energy transition,
in the form of renewable natural gas, is
prepared to make an additional advance
into the mainstream. "
pricing turbulence reappears.
" As the size of North America's gas
market has ballooned in recent years,
storage capacity expansions have not
kept up, " considers Wood Mackenzie
Senior Research Analyst Daniel Myers.
" Current U.S. gas storage levels are estimated
to provide just enough gas for
25 days of full demand coverage, some
of the lowest levels in the last 10 years.
This metric will remain in a similar
place going into next year's winter and
may soon expose the market to even
more volatile price fluctuations in the
years ahead " (Figure 1).
Meanwhile, the firm observes, in each
of the last two years, natural gas generation
has continued to set new all-time
highs as it remains North America's lead
source of dispatchable power generation.
Wood Mackenzie predicts that natural
gas power demand's resilience will persist
in 2024.
60
2010-2021 range
40
20
2022
Jan
Feb
Mar
Apr
36 THE AMERICAN OIL & GAS REPORTER
May
Jun
Jul
2023
Aug
Sep
Oct
2024
Nov
Dec
Days of cover (storage/demand)
American Oil and Gas Reporter - March 2024
Table of Contents for the Digital Edition of American Oil and Gas Reporter - March 2024
Contents
American Oil and Gas Reporter - March 2024 - Intro
American Oil and Gas Reporter - March 2024 - Cover1
American Oil and Gas Reporter - March 2024 - Cover2
American Oil and Gas Reporter - March 2024 - 3
American Oil and Gas Reporter - March 2024 - 4
American Oil and Gas Reporter - March 2024 - Contents
American Oil and Gas Reporter - March 2024 - 6
American Oil and Gas Reporter - March 2024 - 7
American Oil and Gas Reporter - March 2024 - 8
American Oil and Gas Reporter - March 2024 - 9
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American Oil and Gas Reporter - March 2024 - Cover3
American Oil and Gas Reporter - March 2024 - Cover4
https://www.nxtbook.com/nxtbooks/aogr/202408
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