The end is nigh

US power sector demand for natural gas is soaring. The glut could be about to end

A steaming hot summer has sent the US power sector's demand for natural gas to record levels, helping to draw down bulging stocks. Last year, gas overtook coal as the country's top fuel for power generation. On 21 July, consumption reached its highest ever daily level, at 40.9bn cubic feet per day. It might be a sign of things to come. Changing weather patterns will also drive US gas consumption higher throughout the coming winter months. El Niño periods have typically been bearish for gas prices because they bring warmer winters to the north and wetter rainy seasons in the west. But la Niña, which follows, usually brings hotter summers in the north. More air conditioning, plus stormier hurr