Market Speaks: US Natural Gas Output Set To Surge Through Next Year Says EIA

13 Oct 2022 , 01:23 PM

U.S. dry natural gas production set an annual record in 2021, increasing by 3.5% from 2020, according to EIAs latest Natural Gas Annual. In 2020, production had dipped because of reduced economic activity during the COVID-19 pandemic. In 2021, dry natural gas production exceeded the previous record set in 2019, and EIA Short-Term Energy Outlook forecasts that production will continue to grow through 2023. Driven by elevated natural gas prices, U.S. production in the largest resource basins has been increasing. Texas and Pennsylvania have driven this increase; production grew by nearly 1.5 billion cubic feet per day (Bcf/d) in both states between 2020 and 2021. Texas overlays the Permian Basin and Haynesville Basin, which were both major sources of production growth in 2021. Similarly, Pennsylvania overlays the Appalachian Basin, which now accounts for nearly one-third of all U.S. dry natural gas production.Powered by Commodity Insights