EIA Scales Back 2023 NatGas Production Estimate, Still Record-High

Once a month, U.S. Energy Information Administration (EIA) analysts 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. Last month, the report predicted new all-time highs for natural gas production in 2023 (see EIA Boosts Prediction for Record-High NatGas Prod. 2023 – Oct. STEO). The latest monthly report, issued earlier this month, revises those record-high predictions down just a tad, but they will still set a new record. EIA projects that dry gas production will end up at 103.68 billion cubic feet per day (Bcf/d) in 2023 and rise to 105.12 Bcf/d in 2024. The current record high is 99.60 Bcf/d, set in 2022.

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