The U.S. Energy Information Administration (EIA) has revised its forecast for natural gas production in 2024, predicting a larger decline than previously estimated. The adjustment comes after a period of record-low natural gas prices earlier this year led producers to cut back on output.
In its August Short-Term Energy Outlook, the EIA projected that U.S. natural gas production will average about 103.3 billion cubic feet per day (bcfd) in 2024. This is a decrease from the 103.8 bcfd produced last year and slightly lower than the 103.5 bcfd forecasted in the July report.
The EIA also updated its consumption forecast for this year, expecting an average of 89.8 bcfd, up from the previous estimate of 89.4 bcfd.
Looking ahead to next year, the EIA anticipates natural gas production will reach 104.6 bcfd, down from its earlier forecast of 105.2 bcfd. The consumption forecast for 2025 remains steady at approximately 89.2 bcfd.