U.S. natural gas production will decline in 2024 while demand will rise to a record high, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook on April 9.
EIA projected dry gas production will ease from a record 103.80 Bcf/d in 2023 to 103.58 Bcf/d in 2024 as several producers reduce drilling activities after gas prices fell to a 3-1/2-year low in February and March.
In 2025, EIA projected output would rise to 104.88 Bcf/d.
The agency also projected domestic gas consumption would rise from a record 89.09 Bcf/d in 2023 to 89.92 Bcf/d in 2024 before easing to 89.12 Bcf/d in 2025.
Recommended Reading
Glenfarne: Latest Customer Means Texas LNG is Ready for FID
2024-09-12 - Construction on Glenfarne’s Texas LNG is scheduled to begin this year, though the project is one of two LNG sites that had permits pulled after a court ruling in August.
FTC Oks Chevron-Hess Deal, Bans John Hess from Board
2024-09-30 - Federal regulators signed off on a blockbuster tie-up between Chevron and Hess Corp. but banned CEO John Hess from sitting on the Chevron board.
Venezuela Lost Citgo, But the Battle’s Not Over Yet
2024-10-04 - Amber Energy’s $7.3 billion purchase of Citgo fell well short of analyst’s valuations. PDVSA Ad Hoc expects to appeal the decision soon in its battle to protect its claim on Citgo.
Quantum Teams Looking for Acquisitions ‘Off the Beaten Path’
2024-10-14 - Blake Webster, partner at Quantum Capital Group, said the private-equity firm’s portfolio teams are looking to buy from sellers looking for cash buyouts, though not necessarily in the usual places.
Diamondback Subsidiary Viper Closes $900MM Midland Royalty Deal
2024-10-02 - Diamondback Energy’s Viper Energy closed the last of three acquisitions from Tumbleweed Royalty, owned by Double Eagle Energy’s founders, that together totaled about $1.1 billion.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.