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US gas surplus will be eliminated before end of winter 2024/25
U.S. gas inventories are near record highs for this time of year after exceptionally mild temperatures linked to the El Nino weather phenomenon slashed gas and electricity consumption for heating during the winter of 2023/24. But ultra-low prices are maximising gas combustion by power generators and forcing producers to cut back drilling, which should ensure the surplus is eliminated before the end of winter 2024/25. Working gas inventories amounted to 2,484 billion cubic feet (bcf) on April 26, the highest for that time of year since 2016 and before that 2012, according to data from the U.S. Energy Information ... (full story)