EIA – Natural Gas Monthly, Oct 2023

The Natural Gas Monthly report for October 2023, published by the U.S. Energy Information Administration (EIA), provides an overview of the current state of natural gas production, consumption, and prices in the United States.

The report highlights key trends and developments in the natural gas industry during the month of October. According to the EIA, total natural gas production in the U.S. reached a record high in October 2023, with an average daily output of 109.3 billion cubic feet per day (Bcf/d). This represents a 3% increase compared to September 2023, driven primarily by higher production from shale gas plays, such as the Appalachian and Permian Basins. Natural gas consumption in October also increased, reaching 97.9 Bcf/d. This was primarily driven by higher demand from the residential and commercial sectors due to colder weather, as well as increased usage in the industrial sector. Despite the increase in production and consumption, natural gas prices remained relatively stable in October. The average Henry Hub spot price, a key benchmark for natural gas prices, was $5.32 per million British thermal units (MMBtu). This represents a slight decrease compared to September. Looking ahead, the EIA expects natural gas production to continue growing in the coming months, driven by ongoing development of shale gas resources. Additionally, demand for natural gas is expected to remain strong, particularly from the power generation sector.

Overall, the Natural Gas Monthly report for October 2023 provides valuable insights into the current state of the natural gas market in the United States, highlighting record production levels, increasing consumption, and stable prices.