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Natural gas has many uses. It is the main source for heating and electricity generation and the main raw material for chemical products such as fertilizers and plastics. Because it has a lower carbon content than other fossil fuels, natural gas advocates have promoted its use as a bridge fuel in the energy transition. This demand growth is also reflected in the steady increase in global natural gas production, which increased by nearly 60% from the late 1990s to 2020. Global natural gas consumption is strongly reflected production levels and by 2020 up to 3.82 trillion cubic meters.

As markets evaluated the US gas supply scenario, US natural gas futures traded at $3.3/MMBtu. Utilities removed 3 billion cubic feet of natural gas from storage during the week ending November 22nd, according to the most recent EIA report. This was roughly in line with market predictions that ranged from a minor build to a small draw. Although the outcome supported the notion that the withdrawal season has begun, it fell far short of the weekly average of 30 billion cubic feet over the previous five years. In turn, prices were also pressured by the view that the upcoming colder front in the US may turn mild later in December. Still, export demand has remained strong in November, driven by Europe and Asia preparing for winter heating. To meet this demand, US production has increased, up by 1.5 Bcf/day from the 30-day average on Tuesday.

Proven reserves of natural gas worldwide: 6.64 trillion cubic feet The country with the largest proven reserves: Russia. Global natural gas production: 4.04 trillion cubic meters. Global natural gas consumption: 4.04 trillion cubic meters. The United States is the world's largest natural gas producer, having extracted nearly 950 billion cubic meters in 2020. The United States is also the state's top natural gas exporter, transporting gas by pipeline to other countries. neighboring Canada and Mexico.