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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.

US natural gas futures extended their fall from the almost three-month high of $3 to $2.66/MMBtu as hurricane-related reductions in demand in the US Southeast were amplified by signs of robust supply. Natural gas storages in the lower 48 states increased by 82 billion cubic feet in the week ending October 4th, the highest amount since March and far more than the 71 billion cubic feet gain that the market had anticipated, according to new EIA data. The aftermath of Hurricane Milton in Florida's Gulf Coast, which forced homes to turn off their electricity and lower their reliance on gas generators for power, was another factor contributing to the bearish pressure. The new developments built upon those that occurred in the wake of Hurricane Helene.

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.