The latest projections for 2023 were higher than the EIA's February forecast of 100.27 bcfd for supply, but lower than its February forecast of 87.04 bcfd for demand. The agency forecast that average U.S. liquefied natural gas (LNG) exports would reach 12.07 bcfd in 2023 and 12.73 bcfd in 2024, up from a record 10.59 bcfd in 2022. That 2023 LNG forecast was higher than the 11.78 bcfd EIA forecast in February. As gas demand eases and power producers burn less coal, the EIA projected that carbon dioxide emissions from fossil fuels would fall from 4.976 billion tonnes in 2022 to 4.799 billion tonnes in 2023 before rising to 4.829 billion tonnes in 2024 as the country burns more oil. (Reporting by Scott DiSavino; Editing by Chris Reese, Mark Porter and Marguerita Choy)
Messaging: scott.disavino.thomsonreuters.com@reuters.net)) (Adds comment from EIA)
March 7 (Reuters) - U.S. natural gas production will
rise to a record high in 2023 while demand will fall, the U.S.
Energy Information Administration (EIA) said in its Short Term
Energy Outlook (STEO) on Tuesday.
The statistical arm of the U.S. Department of Energy
projected dry gas production would rise to 100.67 billion cubic
feet per day (bcfd) in 2023 and 101.69 bcfd in 2024 from a
record 98.09 bcfd in 2022.
The EIA also projected domestic gas consumption would fall
to 86.40 bcfd in 2023 and 86.06 bcfd in 2024 from a record 88.54
bcfd in 2022.
If correct, 2024 would be the first time since 2015 that
output rises for four years in a row. It would also be the first
time demand declines for two years in a row since 2006.
The EIA projected gas consumption would average 99 bcfd in
the first quarter of 2023, the least for any first quarter since
2018.
That is because the weather in January and February was
among the warmest on record, the EIA said, keeping demand for
gas for heating low.
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