The U.S. Energy Information Administration (EIA) has revised its forecast, predicting a larger decline in natural gas output for 2024 due to record-low prices experienced earlier in the year, which compelled producers to cut back on production.
According to the EIA’s August short-term energy outlook report, U.S. natural gas output is expected to average about 103.3 billion cubic feet per day (bcfd) in 2024, a decrease from 103.8 bcfd in 2023. This is a slight downgrade from the previous forecast of 103.5 bcfd made in July.
Gas consumption is anticipated to average 89.8 bcfd this year, an increase from the earlier estimate of 89.4 bcfd. For 2025, the EIA forecasts production to be around 104.6 bcfd, down from the prior estimate of 105.2 bcfd, while consumption remains steady at approximately 89.2 bcfd.