U.S. Natural Gas Wholesale Prices Expected to Decline This Year
The U.S. Energy Information Administration (EIA) is forecasting lower wholesale U.S. natural prices this year and into 2024, according to its January Short-Term Energy Outlook (STEO) released Wednesday.
The EIA is anticipating natural gas production in the United States to increase by 2% this year and expects the Henry Hub price, which is the U.S. benchmark, to average $4.90 per mission British thermal units (MMBtu) in 2023. If accurate, this would be more than $1.50/MMBtu lower than the 2022 average.
In the first quarter of 2023, the Henry Hub price could average close to $5.00/MMBtu. This is due to increased demand during the winter along with liquefied natural gas (LNG) exports at near-capacity volumes, explained the EIA...
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