U.S. natural gas production will decline in 2024 while demand will rise to a record high, the U.S. Energy Information Administration said in its Short Term Energy Outlook.

The EIA projected dry gas production will ease from a record 103.8 billion cubic feet per day in 2023 to 103.3 bcfd in 2024 as several producers reduce drilling activities this year after average monthly spot gas prices at the Henry Hub benchmark NG-W-HH-SNL fell to a32-year low in March.

In 2025, EIA projected output would rise to 104.5 bcfd.

The agency also projected domestic gas consumption would rise from a record 89.1 bcfd in 2023 to 90.0 bcfd in 2024 before easing back to 89.6 bcfd in 2025.
Source: Reuters (Reporting by Scott DiSavino; editing by Jonathan Oatis)