US NatGas Output to Decline in 2024, While Demand Rises to Record High, EIA Says

According to the U.S. EIA’s Short-Term Energy Outlook, Americans can expect a natural gas forecast indicating a decline in U.S. production while demand is expected to reach a record high. At present, the forecast predicts a rise in domestic natural gas consumption to a record of 89.92 billion cubic feet per day (Bcf/d) in 2024. To learn more about the latest insights in the Oil and Gas sector, check out the full article posted and linked below. 

Article By: Scott DiSavino, Reuters

Published: Tue, 04/09/2024 - 11:45 AM

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 on April 9.

EIA projected dry gas production will ease from a record 103.80 Bcf/d in 2023 to 103.58 Bcf/d in 2024 as several producers reduce drilling activities after gas prices fell to a 3-1/2-year low in February and March.

In 2025, EIA projected output would rise to 104.88 Bcf/d.

The agency also projected domestic gas consumption would rise from a record 89.09 Bcf/d in 2023 to 89.92 Bcf/d in 2024 before easing to 89.12 Bcf/d in 2025.

Source: https://www.hartenergy.com/exclusives/us-natgas-output-decline-2024-while-demand-rises-record-high-eia-says-208751