Giant Chevron and mid-cap Cheniere have said they are bullish on natural gas demand, which Chevron CEO Mike Wirth says he expects to beat expectations due to surging electricity consumption from big tech.
Speaking to CNBC on Monday, Wirth said that while the market for natural gas was evolving rapidly, making it difficult to pin down, he expects soaring electricity consumption from artificial intelligence AI and data centers, combined with efforts to electrify the American vehicle fleet and manufacturing, to spur global natural gas demand , which he predicts “is likely to be higher than what people have been estimating up until now”.
” At the same time, Cheniere Energy, the top producer of liquefied natural gas LNG in the United States, sees strong global demand for natural gas in the future, and a coming supply wave. During Q1 earnings reporting, Cheniere noted an estimated 200 million tonnes of annual LNG output capacity set to come online after 2025. Last Friday, Cheniere beat adjusted core profit estimates due to high-than-expected export volumes that worked to counteract falling natural gas prices.
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