The U.S. Energy Information Administration has slightly revised its forecast for Henry Hub natural gas spot prices for this year and 2019.
In its latest Short-Term Energy Outlook, EIA notes that the Henry Hub natural gas spot price is expected to average $2.99 per mmBtu in 2018, in line with previous projections.
However, the Henry Hub natural gas spot price for 2019 is expected to average slightly below the previous forecast of $3.07/mmBtu standing at $3.04/mmBtu.
During the past month, the Henry Hub natural gas spot price averaged $2.97/million British thermal units, EIA’s report shows.
U.S. dry natural gas production averaged 73.6 billion cubic feet per day (Bcf/d) in 2017, the report shows.
EIA forecasts dry natural gas production will average 81.3 Bcf/d in 2018, establishing a new record. EIA expects natural gas production will rise by an additional 3.1 Bcf/d in 2019 to 84.5 Bcf/d.