U.S. natural gas production will decline in 2024 while demand will rise to a record high, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday.
EIA projected dry gas production will ease from a record 103.8 billion cubic feet per day (bcfd) in 2023 to 103.5 bcfd in 2024 as several producers reduce drilling activities after gas prices NGc1 fell to 3-1/2-year lows in February and March.
In 2025, EIA projected output would rise to 105.2 bcfd.
The agency also projected domestic gas consumption would rise from a record 89.1 bcfd in 2023 to 89.4 bcfd in 2024 before easing to 89.2 bcfd in 2025.
Source: Reuters (Reporting by Scott DiSavino)