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 100.87 billion cubic feet per day (bcfd) in 2023 and 101.58 bcfd in 2024 from a record 98.11 bcfd in 2022.

The agency also projected domestic gas consumption would fall to 87.37 bcfd in 2023 and 86.12 bcfd in 2024 from a record 88.53 bcfd in 2022.
Source: Reuters (Reporting by Scott DiSavino in New York and Ashitha Shivaprasad and Deep Vakil in Bangalore)