Natural gas prices rose 3.81% to ₹278.2 in November, while US gas production averaged 100.7 billion cubic feet per day (bcfd), down from 101.3 bcfd in October and well below the record of 105.3 bcfd set in December 2023. In 2024, for the first time since 2020, demand is expected to reach a record high of 90.0 billion cubic feet per day.
Russia’s gas supplies to Europe via Ukraine remain uncertain, with rising LNG-fed gas flows in the United States hitting a 10-month high, limiting local supplies and adding to price pressures. Colder temperatures and increased demand for heating are expected to increase US natural gas consumption by 1% in 2024. U.S. natural gas reserves stood at 3,969 billion cubic feet, up 3.7% from last year.
