2022-12-12 15:30:00
U.S. GAS PRODUCTION RECORD
U.S. EIA - DECEMBER 9, 2022 - U.S. dry natural gas production has increased during 2022, averaging more than 100 billion cubic feet per day (Bcf/d) in October and November and exceeding pre-pandemic monthly production records from 2019. We forecast that U.S. production of dry natural gas will average about 100.0 Bcf/d from December through March, down about 0.5 Bcf/d from November. This forecast production decrease is primarily due to weather, specifically the possibility of extreme winter weather events and freeze-offs. Mild weather in key producing regions could prevent those declines.
The 2022 growth in natural gas production has been driven by increased drilling activity in the Haynesville region in Louisiana and East Texas and in the Permian region in West Texas and Southeast New Mexico. Recent pipeline infrastructure expansions in both of these regions facilitated the increases in production.
We expect dry natural gas production in 2022 to set an annual record in the United States, averaging 98.0 Bcf/d. We forecast production to grow slightly in 2023, averaging between 100 Bcf/d and 101 Bcf/d for the year, about 2% more than in 2022. Production in our forecast for the first half of 2023 is limited by pipeline constraints and declining natural gas prices. We expect natural gas prices at the U.S. Henry Hub benchmark to average $5.62 per million British thermal units (MMBtu) in the first half of 2023, compared with our expected December 2022 monthly average of $6.34/MMBtu.
In the second half of 2023, developers have scheduled more pipeline infrastructure expansion projects and those projects should contribute to increases in dry natural gas production. If these projects are delayed, it could result in less U.S. natural gas production than we forecast.
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Earlier:
2022, December, 7, 11:45:00
RUSSIAN GAS FOR EUROPE DOWN ANEW
Russia gradually choked its gas supply to Europe through 2022, ending deliveries via Yamal-Europe and Nord Stream, and sharply cutting exports via Ukraine.
2022, December, 7, 11:30:00
INDIA'S GAS TRADE UP BY 179%
The Indian Gas Exchange (IGX) traded a record 1,14,53,200mn Btu (about 290mn m3) gas volumes in November, up 1,359% year/year, it said on December 5. The trade volumes were up 179% month/month.
2022, December, 2, 09:45:00
EUROPEAN GAS PRICES UPDOWN AGAIN
Gas prices are four times higher than normal for this time of year, fueling inflation and hurting economies.
2022, November, 1, 17:10:00
GLOBAL ENERGY DEMAND WILL UP BY 23%
Global primary energy demand is forecast to continue growing in the medium- and long-term, increasing by a significant 23% in the period to 2045. The world needs to annually add on average 2.7 million barrels of oil equivalent a day to 2045.
2022, October, 31, 12:00:00
EUROPEAN WINTER GAS RISKS
The push to fill storage facilities before the start of winter has been successful -- with many close to capacity. But some suppliers may now want to hold back those reserves until they can sell their stored gas at more attractive rates.
2022, October, 27, 15:20:00
GLOBAL GAS CONSUMPTION WILL UP
Further in 2023, consumption is forecasted to increase by up to 1.1% driven by China, South and South East Asia and the Middle East.
2022, October, 4, 14:30:00
GLOBAL GAS UNCERTAINTY
The current gas crisis also casts longer-term uncertainty on the prospects for natural gas, especially in developing markets where its use was expected to rise at least in the medium term as it replaced other higher-emission fossil fuels.
