EIA forecasts larger decline in US natural gas output for 2024, Reuters reported.

The US Energy Information Administration lowered its forecast for US natural gas production this year, with the year-over-year decline now expected to be around 0.5 billion cubic feet per day (bcfd) to 103.3 bcfd, due to shut-in output triggered by record low prices. 

The U.S. Energy Information Administration forecast a larger decline in natural gas output this year compared with earlier estimates, citing record-low prices earlier in 2024 that forced producers to curtail gas production.

U.S. natural gas output will average around 103.3 bcfd this year, the EIA said in its August edition of the short-term energy outlook report. That compares with 103.8 bcfd produced last year, and is a slight downgrade from a forecast of 103.5 bcfd in the July edition of the report.

Gas consumption is now expected to average 89.8 bcfd this year, up from the prior forecast of 89.4 bcfd. For next year, the agency is forecasting production of 104.6 bcfd, down from its prior forecast of 105.2 bcfd. Consumption forecast for next year was unchanged at around 89.2 bcfd.

/Reuters, OilPrice, EIA/