US Natural Gas Production To Hit Record High In 2023

WASHINGTON, DC (IANS) – US natural gas production is forecast to hit a record high in 2023, according to a report issued by the Energy Information Administration.

The country’s dry gas production will increase to 100.87 billion cubic feet per day in 2023 and 101.58 bcfd in 2024 from a record 98.11 bcfd in 2022 the EIA’s April Short Term Energy Outlook said.

The report also forecast that with inventories remaining above the five-year average in 2023, natural gas prices will average less than $3 per million British thermal units for 2023, a more than 50 per cent drop from last year.

The natural gas spot price at Henry Hub averaged $5.45 per MMBtu in November 2022, and declined to average $2.31 per MMBtu in March, said the report.