The U.S. Energy Information Administration (EIA) expects the United States’ natural gas production to decrease in 2024 despite demand being projected to reach a record high. In its Short Term Energy Outlook, the EIA forecasted that dry gas production would hit around 103.5 billion cubic feet per day (bcfd) in 2024, down from a record 103.8 bcfd the previous year.
Looking at demand, the EIA expects domestic gas consumption to rise to a new record of 90.1 bcfd this year, up from a current high of 89.1 bcfd in 2023. In 2025, domestic gas consumption is expected to retreat back down to 89.1 bcfd. Should these projections prove correct, 2024 would be the first time since the outbreak of the coronavirus pandemic that fuel demand declines.
The EIA expects liquified natural gas exports to rise to 12.1 bcfd in 2024, thereby breaking the record 11.9 bcfd set in 2023. In 2025, this number is projected to rise further to 13.8 bcfd.