Oct. STEO Predicts Lower Output, NatGas Price to Avg $3.10 in 2025

Once a month, the 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. What did the October 2024 STEO, issued yesterday, show? EIA's analysts believe U.S. natural gas production will decline in 2024 while demand will rise to a record high this year. EIA predicts the average spot price for natural gas for all of 2024 will end up being $2.30/MMBtu, up $0.10 from its prediction last month. The agency said the average for 2025 will be $3.10/MMBtu, which is the same prediction as last month.

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