EIA slashes 2017 Henry Hub price estimate

The U.S. Energy Information Administration has cut its forecast for 2017 Henry Hub natural gas spot prices.

In its latest Short-Term Energy Outlook, the agency said Henry Hub gas prices would average $3.43/MMBtu in 2017 and $3.70/MMBtu in 2018.

These estimates are down 12 cents and 3 cents, respectively, from forecasts in EIA’s January short-term outlook.

In January, average Henry Hub natural gas spot prices fell by 29 cents per MMBtu from December levels to $3.30/MMBtu. Mild January temperatures, which were the warmest since 2006, contributed to lower prices, the agency said.

U.S. dry natural gas production is expected to average 73.7 Bcf/d in 2017, a 1.3 Bcf/d increase from the 2016 level.

This increase reverses a 2016 production decline, which was the first decline since 2005, EIA said.

The agency expects natural gas production in 2018 to increase by an average of 4.1 Bcf/d from the 2017 level.

 

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