US Natural Gas Production, Consumption to Grow 3% in 2022, EIA Reports

US dry natural gas production in 2022 is expected to rise 2.7 billion cubic feet per day, or 3%, year over year, further increasing to nearly 100 Bcf/d in 2023, the US Energy Information Administration reported Tuesday.

Consumption of natural gas in the US is expected to increase by 2.9 Bcf/d, or 3%, from 2021 levels to average 85.9 Bcf/d in 2022, and then fall to 85.4 Bcf/d in 2023, the EIA said in its July Short-Term Energy Outlook.

The Henry Hub natural gas spot price is seen to average $5.97 per million British thermal units in the second half of the year, down from $7.70/MMBtu in June, according to the EIA. The Henry Hub price will average $4.76/MMBtu in 2023, the agency said.

US natural gas inventories are forecast to end the 2022 storage injection season in October at nearly 3.5 trillion cubic feet, which is 6% below the five-year average and 5% below year-ago levels, the EIA reported.

About Stu Turley 1967 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience in implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor in this space. Stuart has led the “Total Corporate Digital Integration” platform at Sandstone and works with Sandstone clients to help integrate all aspects of modern digital business. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage and is the Co-Host of the energy news video and Podcast Energy News Beat. Stuart is on Board Member of ASN Productions, DI Communities Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.