Natural Gas Consumption Rises with Heat Wave

The heat wave across the U.S. this summer has caused record gas consumption at power plants generating electricity for air conditioning. Surplus natural gas storage stocks have declined since March from a high of 1,014 billion feet to 378 billion cubic feet at the end of July. Low gas prices combined with the heat have encouraged the power plants to use natural gas at a 7.7 % higher rate than for the same months in 2015. The heat wave has proven to be a good balancing tool for surplus gas stocks.