US EIA raises expected Q1 gas marketed production by 0.89 Bcf/d to 104.21 Bcf/d

The US Energy Information Administration Jan. 11 raised by 890 MMcf/d to 104.21 Bcf/d its natural gas marketed production estimate for the US in the first quarter of 2022.

EIA, in its January Short-Term Energy Outlook, also raised Q2 production forecast by 330 MMcf/d to 103.79 Bcf/d.

The agency raised its natural gas consumption estimates by 1.58 Bcf/d to 99.05 Bcf/d for Q1, but lowered its estimate by 340 MMcf/d to 70.91 Bcf/d for Q2.

EIA lowered its forecast for Q1 Henry Hub natural gas spot prices by 76 cents to $3.82/MMBtu. The Q2 forecast also fell 4 cents from the previous month's estimates to $3.78/MMBtu.

The agency projected Henry Hub natural gas prices would average $3.79/MMBtu for full-year 2022 and $3.63/MMBtu in 2023. The 2022 estimate is down from the previous month's estimates of $3.98/MMBtu.