By July 12, 2016 Read More →

EIA cuts US natgas output, demand forecasts but still record highs

US natgas

According to the EIA, US natgas production forecasts are lower for 2016, but they still top 2015’s record highs. Houston Chronicle photo.

US natgas production expected to rise in 2017

(Adds 2017 outlook)

July 12 (Reuters) – The U.S. Energy Information Administration on Tuesday cut its forecasts for U.S. natural gas production and consumption in 2016 from its expectations last month, but both levels would still be record highs.

Dry natural gas production in 2016 will reach 74.52 billion cubic feet per day, down a shade from the 74.64 bcfd it forecast last month.

The latest forecast production would still top 2015’s record high of 74.06 bcfd and be the sixth consecutive annual record high for U.S. gas production, according to EIA’s Short Term EnergyOutlook (STEO) in July.

EIA also forecast U.S. gas consumption would edge down to 76.51 bcfd in 2016 versus the 76.63 bcfd it forecast in June.

That would top the 2015 record high for gas demand of 75.27 bcfd and would be the seventh annual record in a row.

For 2017, EIA forecast more record highs with production expected to rise to 76.28 bcfd and consumption growing to 77.73 bcfd.

(Reporting by Scott DiSavino; Editing by Marguerita Choy)

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