The energy sector is experiencing a significant shift towards artificial intelligence (AI) and data-driven demands, leading to an increased focus on natural gas and liquefied natural gas (LNG) as essential resources. Trillion-dollar tech companies, recognizing the need for continuous power supply, are exploring electricity generation, while gas executives project a strong demand for natural gas fueled by AI growth and data center operations. At the CERAWeek conference, energy executives, including EQT's Rice, highlighted AI's potential to revolutionize exploration, drilling, and pumping, emphasizing its role in creating new demand sources. Falling LNG prices have spurred demand, particularly in the Asian spot market, and companies like Freeport LNG are responding by ramping up production. Freeport LNG announced plans to increase its output by 10% or 1.5 mil mt/year following repairs and maintenance scheduled to be completed by early May, aiming to meet the burgeoning demand. Chevron CEO Mike Wirth, citing the continuous power needs of these data centers, emphasized the increased role of natural gas in meeting round-the-clock demand.
Lower LNG prices trigger surge in Asian spot market purchases - Reuters
#CERAWeek : MiQ targets LNG buyers amid oversupplied US certified gas market https://t.co/G2sb3RqYEB
Lower LNG prices trigger surge in Asian spot market purchases https://t.co/EZClrIy3Io https://t.co/TQGg44kQ4v
Freeport LNG says Trains 1, 2 at Texas facility seen shut until May https://t.co/oJVqLqfE2Q https://t.co/tKGUivpkAW
Unlike a utility saddled with old plants that need to be decommissioned, tech companies interested in generating power can start anew, write @EconTodd and Michael Mindlin. https://t.co/HCsxQsF8Qa
Freeport LNG to Increase Output by 10% Following Repairs Debottlenecking maintenance underway through early May Additional capacity to be marketed directly by Texas producer https://t.co/zH5EMKNK4k
Freeport LNG Says Repairs On Train 1,2 To Be Completed By May https://t.co/S1u7618H24
Energy Suppliers Are Racing to Keep Up with the Data-Driven Energy Surge https://t.co/4aZCZJIb6g
"...energy executives from around the world gushed about AI’s potential ... It has the promise, they say, to revamp exploration, drilling and pumping, and — most importantly — create a potent new source of demand."
The energy industry, which has prided itself on innovation, has a flashy new technology to be bullish about: artificial intelligence, writes @JoeRyanNews https://t.co/VeBfa6tqhD
#CERAWeek : US Freeport LNG begins project to lift output by 1.5 mil mt/year amid maintenance https://t.co/Zr1I89KVb3
Chevron CEO Mike Wirth on AI-driven energy demand: "These data centers need 24/7 power...we're going to have to find ways to meet that demand as an economy." https://t.co/kSGZwgTUD0
"These data centers need 24/7 power 365," says @Chevron CEO Mike Wirth on AI-driven energy demand. "We're going to have to find ways to meet that demand as an economy round-the-clock, and that means that there's going to be an increased role for natural gas." $CVX https://t.co/QoTbTuMRNw
Freeport LNG will increase its production of liquefied natural gas following repairs that are due to be concluded in early May, the company’s chief executive officer said in an interview. https://t.co/ILh8srQwny
Reuters- Falling LNG prices encouraging demand for the super-chilled gas #CERAWeek https://t.co/maZcnmQMUL
#CERAWEEK: AI-powered gas demand growth more promising than LNG, says EQT's Rice https://t.co/Foim5NJZTp
Gas executives say that AI growth and data centers are going to require more energy and will need more natural gas as they project strong future demand. https://t.co/E2ZheM0TSf
Fast-growing trillion-dollar tech companies cannot afford to lose power, so they are taking electricity generation into their own hands, observe @EconTodd and Michael Mindlin. https://t.co/KcLPM76nTf