US EIA lowers Q1 Henry Hub spot gas price forecast by 11 cents to $2.62/MMBtu

摘要

The US Energy Information Administration on Tuesday tapered its HenryHub spot natural gas price forecasts for the fourth quarter and the startof the new year, and predicted that high production levels will keepprices in 2020 below 2019 levels, despite slower production growth.The agency, in its December Short-Term Outlook, lowered itsforecast for Q4 Henry Hub natural gas spot prices by 8 cents to $2.52/MMBtu and its Q1 2020 forecast by 11 cents from the Novemberestimate to $2.62/MMBtu.While a colder-than-average November pushed Henry Hub pricesup to $2.64/MMBtu, “EIA expects US benchmark Henry Hub spot pricesto average $2.45/MMBtu in 2020, down 14 cents from the 2019 average,as US production continues at a record level,” said EIA AdministratorLinda Capuano.