US EIA lowers expected Q2 gas marketed production by 2.09 Bcf/d to 98.38 Bcf/d

Washington — The US Energy Information Administration Tuesday lowered by 2.09 Bcf/d, to 98.38 Bcf/d, its domestic natural gas marketed production estimate for the second quarter of 2020.

In its May Short-Term Energy Outlook, EIA also lowered its Q3 production forecast by 2.64 Bcf/d to 95.14 Bcf/d.

The agency lowered its gas consumption estimates by 3.19 Bcf/d to 71.6 Bcf/d for Q2, and by 1.84 Bcf/d to 72.92 Bcf/d for Q3.

EIA raised its forecast for Q2 Henry Hub gas spot prices by 13 cents to $1.85/MMBtu. The Q3 2020 forecast also rose 2 cents from its April estimate to $2.11/MMBtu.

The agency projected Henry Hub gas prices would average $2.14/MMBtu for full-year 2020 and $2.89/MMBtu in 2021, up 3 cents from the April estimate of $2.11/MMBtu for 2020, but down 9 cents from the $2.98/MMBtu estimated in April for 2021.