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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NATGAS
US dry natural gas production in forecast around 103bcf/d in 2H23, down slightly from a record 104bcf/d during April reflecting reduced natural gas-directed drilling due to lower prices according to the EIA Short Term Energy Outlook released yesterday.
- EIA expect growth of associated natural gas production in the Permian Basin to mostly offset declines in dry gas output.
- Output is estimated at 102.74bcf/day in 2023 compared with 101.09bcf/day projected in May and 2024 is forecast at 103.04bcf/d compared with 101.24bcf/d.
- Output to grow annually in 2024 at an average rate of 0.3bcf/d vs prior forecast of 0.15bcf/d.
- Natural gas prices are expected to increase throughout the summer as production declines slightly and demand for air conditioning increases. Henry Hub is forecast at almost 2.90$/mmbtu in 2H23, up from the May average of 2.15$/mmbtu. Henry Hub is forecast almost 30% higher in 2024 compared with 2023 to 3.40$/mmbtu but down from the 3.72$/mmbtu forecast last month.
Source: EIA STEO
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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