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.