EIA Says NatGas Production Growth Slows in 2024/25, HH $2.70/MMBtu

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. The EIA issued the January STEO yesterday. Among its latest predictions is that the growth rate for natural gas production will slow this year and next. Production will still grow, just not as fast as it did in 2023, says EIA. As for prices, EIA says the average Henry Hub price in 2024 will turn out to be around $2.70/MMBtu, which is dismal (but higher than 2023's $2.54/MMBtu). They predict the price will rise to an average of $3/MMBtu in 2025 --- still far below where it needs to be.

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