EIA: Industrial Natural Gas Demand Seen Down About 6% In 2009
11 March 2009 - 4:00AM
Dow Jones News
The U.S. Energy Information Administration lowered its forecast
for 2009 U.S. industrial natural gas demand Tuesday, citing
continued economic weakness.
Industrial gas consumption is forecast to decline by 6% this
year, outpacing the EIA's previous forecast of a 5.1% decrease.
Major industrial gas consumers, including companies in the
fertilizer, chemicals and aluminum industries, have curbed gas use
as they cut spending.
Total natural gas consumption is expected to fall 1.3% in 2009
amid ongoing economic downturn and increase by 0.4% in 2010, the
EIA said. The EIA had previously forecast a 0.6% increase in 2010.
The 2009 consumption forecast was unchanged.
U.S. marketed natural gas production is expected to remain flat
in 2009 and fall by 0.8% in 2010 as producers reduce rig counts.
Producers such as Chesapeake Energy Corp. (CHK), Petrohawk Energy
Corp. (HK) and SandRidge Energy Inc. (SD) have scaled back spending
amid falling commodity prices. Liquefied natural gas imports to the
U.S. were expected to rise to 380 billion cubic feet in 2009, a
slight increase over the volume received in 2008, the EIA
predicted.
Natural gas prices at the benchmark Henry Hub should average
$4.67 a million cubic feet in 2009 and $5.87/Mcf in 2010, compared
with $9.13/Mcf in 2008, the EIA said. Falling natural gas demand
has placed downward pressure on prices.
-By Christine Buurma, Dow Jones Newswires; 201-938-2061;
christine.buurma@dowjones.com