Higher forecasted crude oil prices and an assumptions of an improved US economic outlook prompted the Energy Information Administration March 9 to boost its forecasts for natural gas production and consumption, despite the February freeze that crimped production in the first quarter of 2021. In its March Short-Term Energy Outlook, the agency also raised its forecast for US electricity consumption in 2021 by 2.1%, citing colder temperatures in the first quarter compared with the 2020 season. While EIA lowered its Q1 total marketed gas production forecast by 710 MMcf/d to 97.97 Bcf/d, it raised the estimate for Q2, by 630 Mcf/d to 98.58 Bcf/d, as well its forecasts for the 2021 and 2022 averages, up 610 MMcf/d to 98.95 Bcf/d and 1.7 Bcf/d to 100.63 Bcf/d, respectively.
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