U.S. natural gas production to hit record high in 2023: EIA

HOUSTON, April 11 (Xinhua) -- U.S. natural gas production is forecast to hit a record high in 2023, according to a report issued by the U.S. Energy Information Administration (EIA) on Tuesday.

The country's dry gas production will increase to 100.87 billion cubic feet per day (bcfd) in 2023 and 101.58 bcfd in 2024 from a record 98.11 bcfd in 2022, said the EIA's April Short Term Energy Outlook.

The report also forecast that with inventories remaining above the five-year average in 2023, natural gas prices will average less than 3.00 U.S. dollars per million British thermal units (MMBtu) for 2023, a more than 50 percent drop from last year.

The natural gas spot price at Henry Hub averaged 5.45 dollars per MMBtu in November 2022, and declined to average 2.31 dollars per MMBtu in March, said the report.