U.S. natgas output and demand to hit record highs in 2022

Reuters  September 7, 2022

Sept 7 (Reuters) - U.S. natural gas production and demand will rise to record highs in 2022, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Wednesday.

EIA projected dry gas production will rise to 97.09 billion cubic feet per day (bcfd) in 2022 and 100.36 bcfd in 2023 from a record 93.55 bcfd in 2021.

The agency also projected gas consumption would rise from 82.97 in 2021 to 86.56 bcfd in 2022 before sliding to 84.63 bcfd in 2023. That compares with a record 85.29 bcfd in 2019.

EIA's latest projections for 2022 were higher than its August forecasts of 96.59 bcfd for supply and 85.16 bcfd for demand.

The agency forecast average U.S. liquefied natural gas (LNG) exports would reach 11.01 bcfd in 2022 and 12.34 bcfd in 2023, up from a record 9.76 bcfd in 2021.

That was lower than its August forecast of 11.16 bcfd in 2022 due to the later than previously expected return to service of the Freeport LNG export plant in Texas in early to mid-November.