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EIA Forecasts 2023 Henry Hub Lower At 4.90$/MMBtu


EIA revised down its forecast for US Henry Hub gas prices for this year as domestic consumption declines and LNG exports remain relatively flat according to the January short-term energy outlook released yesterday.

  • The US Henry Hub Gas prices is forecast to average 4.90$/MMBtu in 2023, down from previous estimates at 5.43$/MMBtu. Forecasts suggest an average price of 4.80$/MMBtu for 2024.
  • Overall this year, increases in US natural gas production, relatively flat LNG exports, and declining domestic consumption in the electric power and industrial sectors will limit upward pressure on prices.
  • Gas saw a dip in early-January amid mild weather, but prices are expected to rise back above 5$/MMBtu in late-January and stay above that in February as temperatures are expected to fall and LNG exports from Freeport LNG resume, increasing demand for natural gas.
  • Natural gas production in both the Permian and Haynesville regions is expected to grow with the completion of pipeline infrastructure expansions in 2023 and 2024.

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