Forecast of natural gas production in 2023 reaches a record high
US: Forecast of natural gas production in 2023 reaches a record high
The US Energy Information Administration (EIA) said that US natural gas production could reach a record high this year, although demand will fall.
|The liquefied gas carrier MV Excelsior anchored at the port of Texas, USA. Photo: Bloomberg/VNA|
In its February Short-Term Energy Outlook, the EIA forecast that US dry natural gas production will grow to 100.27 billion cubic feet per day (2.8 billion cubic meters) this year and 101.68 billion cubic feet per day (2.8 billion cubic meters). cubic feet/day in 2024, from a record 98.09 billion cubic feet/day in 2022.
U.S. natural gas production growth has outpaced demand growth over the past few months, helping to cool natural gas prices, the EIA said.
The agency forecasts that this year, spot natural gas prices at the Henry Hub Natural Gas Distribution Center in Louisiana will average $3.4/MMBtu (1 million Btu – US thermal units). UK, commonly used in the US). These prices are down nearly 50% from last year due to “warmer than usual” weather in January this year, resulting in less natural gas consumption and above-average inventory growth over the five years. past (2018-2022).
However, the EIA believes that natural gas prices remain highly volatile. “Severe weather events and production disruptions could still cause natural gas prices to spike in both Henry Hub and regional markets,” the report states. declines as we head into the spring, especially as inventories are now back above the five-year average.”
The EIA forecasts U.S. natural gas inventories at the end of the production season in late March at more than 1.8 trillion cubic feet, 16% higher than the five-year average. This year’s exports of liquefied natural gas (LNG) are also forecast to increase 11% compared to 2022 after the Freeport facility resumes operations.
The report also forecasts an increase in global LNG consumption of 1.1 million bpd this year and 1.8 million bpd in 2024, driven primarily by growth in China and other non-Organizational countries. Cooperation and Development Organization Economy (OECD).
at Thuvienpc.com – Source: Baodautu.vn – Read the original article here