The U.S. Energy Information Administration on Tuesday forecast a larger decline in natural gas output this year compared with earlier estimates, citing record-low prices earlier in 2024 that forced producers to curtail gas production.
U.S. natural gas output will average around 103.3 billion cubic feet per day (bcfd) this year, the EIA said in its August edition of the short-term energy outlook report. That compares with 103.8 bcfd produced last year, and is a slight downgrade from a forecast of 103.5 bcfd in the July edition of the report.
Gas consumption is now expected to average 89.8 bcfd this year, up from the prior forecast of 89.4 bcfd.
For next year, the agency is forecasting production of 104.6 bcfd, down from its prior forecast of 105.2 bcfd. Consumption forecast for next year was unchanged at around 89.2 bcfd.
(Reporting by Shariq Khan in New York Editing by Chris Reese and Matthew Lewis)