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US Natgas to Average 4.9$/mmbtu in 2023: EIA

NATGAS

US natural gas prices at Henry Hub will average 4.9$/mmbtu in 2023 and over 1.5$/mmbtu lower than 2022 according to the latest EIA STEO.

  • EIA expected prices in 2024 to remain near 2023 levels as US dry natural gas production continues to increase to outpace domestic demand and exports.
  • They expect the Freeport LNG export facility in Texas to resume operations in Q1 2023 adding approximately 2bcf/d to overall demand. They forecast the Q1 2023 price to average 5.00$/mmbtu.
  • Prices are then expected to decline in Q2 due to the end of winter demand, flat LNG exports and increasing production.
  • Dry natural gas production is expected to average more than 102 Bcf/d in 2024.

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