Natural gas glut continues to grow
March 17, 2012
By
Scott Jamieson
March 17, 2012 - The global gas glut showed no signs of lessening as the industry moved into 2012, even as gas usage continued to climb, according to an article on www.powermag.com. U.S. inventories at the end of the first quarter are projected to hit levels not seen in more than 20 years.
According
to the U.S. Energy Information Administration (EIA), U.S. natural gas
use for power generation rose 7%, or about 515 billion cubic feet (Bcf),
between 2009 and 2010 (Figure 1). Total natural gas deliveries to
consumers grew about 4% to around 22 trillion cubic feet (Tcf) for 2010,
while use in the industrial sector was up by 6%. The EIA also projected
in its 2012 Annual Energy Outlook Early Release (AEO) that gas demand
for electricity generation would grow from 7.4 Tcf in 2010 to 8.9 Tcf in
2035.
But this growth did little to offset the flood of new production.
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