Natural Gas Power Generation Reaches Record High

This summer, the U.S. set a new record for natural gas power generation, thanks to low prices and hot weather. On August 2, natural gas plants produced over 7 million megawatt hours of electricity, beating last year’s record by 6.8%. The days with the highest natural gas output occurred this summer, with a 3% overall increase in electricity generation compared to last year. As more renewable energy sources come online, natural gas is becoming essential for meeting growing energy demands, especially for cooling and powering data centers.

Chevron and Kinder Morgan Close Tampa Terminals as Hurricane Milton Makes Landfall

As Hurricane Milton makes landfall in Florida, Kinder Morgan has shut down its terminals in the Tampa area due to the severe threat posed by the storm, including catastrophic storm surges. Chevron has also closed its Tampa bulk terminal, and other energy companies are suspending operations in preparation for the hurricane’s impact.

Hurricane Milton, which made landfall near Siesta Key as a damaging Category 3 storm, has since weakened to a Category 1 but continues to batter Florida’s eastern coastline. As of Thursday morning, more than 3.3 million people across Florida are without power, with significant flooding and destruction reported in numerous counties. Hurricane Milton comes on the heels of Hurricane Helene, which has continued to devastate people in several states including Florida, Georgia, North Carolina and Tennessee. We are praying for all those affected by these storms and hope for their safety and swift recovery.

Top 10 Oil and Gas Stocks Thriving in 2024

Rising oil prices, driven by tensions between Israel and Iran, have boosted oil and gas stocks in 2024. Brent crude oil hit $80.71 per barrel, helping the Energy Select Sector SPDR Fund increase by nearly 10% in the last month. Leading the pack is Sintana Energy, with an impressive 274.8% gain this year, followed by CES Energy Solutions at 125.6% and Targa Resources at 82.4%. Other strong performers include The Williams Companies, Topaz Energy, and Exxon Mobil, showing high demand for energy despite broader market trends. You can see the up-to-the-minute commodities numbers here.