Natural gas prices fell by 2.33% to 226.6 due to reduced heating demand and concerns about Hurricane Rafael’s impact on the U.S. Gulf Coast. Energy firms cut gas production from Gulf of Mexico platforms by 7%, but this region now contributes only 2% to U.S. gas output.
Average gas output in the Lower 48 states dropped to 100.8 billion cubic feet per day in early November, below the record of 105.3 bcfd in December 2023.
The U.S. Energy Information Administration forecasts a slight drop in dry gas production from 103.8 bcfd in 2023 to 103.5 bcfd in 2024, with consumption reaching a new high at 90.1 bcfd before easing in 2025. LNG exports are expected to grow, with a projected 12.1 bcfd in 2024 and 13.8 bcfd in 2025.
