North American Natural Gas Demand Said ‘Approaching Its Peak,’ with Storage Needs Also Slipping

Natural gas demand in the United States and Canada is expected to peak in the next year, even as production remains strong and LNG exports are projected to increase through 2050, according to consultancy firm DNV.

The independent risk management expert’s Energy Transition North America 2023 provides an outlook for natural gas, oil, coal and renewables to midcentury. 

“Currently, fossil fuels account for around 80% of energy supply in the U.S. and Canada, but this will drop to less than 50% by 2050,” the DNV researchers said. Natural gas demand in North America is set to drop by 40% by 2050, with oil down by 75% and coal consumption falling by 86%. 

[What’s Coming? NGI’s North American LNG Project Tracker allows clients to quickly see developments across the U.S., Canada...