The U.S. natural gas market is projected to decline in 2024, even as demand reaches a record high, marking the first time demand increases for four years in a row since 2016, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday.
U.S. dry gas production is expected to decrease from last year's 103.8 billion cubic feet per day (bcfd) to 103.5 bcfd this year. The decline is attributed to reduced drilling activity following a significant drop in average monthly spot gas prices at the Henry Hub benchmark, which fell to a 32-year low in March, Reuters reported.
