December STEO Prediction: Production & Prices Up in 2023

Once a month, the analysts at the U.S. Energy Information Administration (EIA) issue the agency's Short-Term Energy Outlook (STEO), their best guess about where energy prices and production will go in the next 12 months or so. We sometimes poke some good-natured fun at the EIA because one month their predictions go up, the next month down, etc. What about the latest STEO, published on Tuesday? EIA predicts average natural gas production will be just above 100 Bcf/d in 2023 (after predicting last month it would average below 100 Bcf/d). As for the commodity price of gas, EIA says the Henry Hub spot price will average right around $6/MMBtu in 1Q23.

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