Insight
Coronavirus: impact on US gas markets (24 April update)
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Report summary
Industrial demand loss deepens Entering over a month into coronavirus lock down mode and exiting colder temperatures, weather normalized US gas demand is clearly indicating demand losses occurring. In particular, industrial demand losses are materializing much higher. Despite limited sample size (~25% of total) of gas pipeline data, weather normalized industrial demand is showing deviations lower. Sectoral breakout of the sample is corroborating with anecdotal data points such as lower refinery, ethanol and ethylene cracker utilization rates. Some States are planning to re-open from lock down mode soon and the recovery of demand might arise. We will continue to refresh and expand our prior insight as noteworthy changes occur.
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