US Energy Information Administration or EIA stated yesterday that in 2023, 89.1 billion cubic feet per day (Bcf/d) of natural gas was consumed in the United States, the most on record. Since 2018, U.S. natural gas consumption has increased by an average of 4% annually. Monthly natural gas consumption set new records every month from March 2023 through November 2023. U.S. natural gas consumption has risen in the electric power sector as coal-fired electric-generating capacity has declined. Last year, the largest monthly increases in natural gas consumed by the electric power sector were in July and August, despite cooler-than-normal temperatures than during those months in 2022. Natural gas consumption in the electric power sector, which typically increases in July and August to meet air-conditioning demand, increased by 6% in July and August 2023 compared with those months in 2022, setting monthly records of 47.5 Bcf/d in July and 47.2 Bcf/d in August.
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