EIA revises Henry Hub price estimates
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.