EIA cuts 2017 U.S. natgas output outlook to below 2015 record high
The U.S. Energy Information Administration said dry natural gas production in 2017 would ease to 73.78 billion cubic feet per day, down from the 74.80 bcfd it forecast last month.
That means dry gas production would fall short of the record high of 74.14 bcfd produced on average in 2015 for a second year in a row, according to the EIA’s Short Term Energy Outlook (STEO) in January. Dry gas output in 2016 averaged 72.36 bcfd.
The EIA also forecast U.S. gas consumption would slip to 75.37 bcfd in 2017 versus the 75.96 bcfd it forecast in December.
That would still top the 2016 record high for gas demand of 75.07 bcfd and would be the eighth annual record in a row.
Source: Reuters (Reporting by Scott DiSavino; Editing by Marguerita Choy)