U.S. natural gas production will rise to a record high in 2023, while demand will fall, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday.
EIA projected dry gas production will rise to 100.34 billion cubic feet per day (bcfd) in 2023 and 102.29 bcfd in 2024 from a record 98.02 bcfd in 2022.
The agency also projected gas consumption would fall to 86.74 bcfd in 2023 and 85.79 bcfd in 2024 from a record 88.72 bcfd in 2022.
If correct, 2024 would be the first time output rises for four years in a row since 2015. It would also be the first time demand declines for two years in a row since 2006.
EIA’s latest projections for 2023 were lower than its December forecast of 100.38 bcfd for supply but higher than its December forecast of 85.40 bcfd for demand.
The agency forecast average U.S. liquefied natural gas (LNG) exports would reach 12.06 bcfd in 2023 and 12.59 bcfd in 2024, up from a record 10.65 bcfd in 2022.
