U.S. natgas output and demand to hit record highs in 2022


Adds natural gas, coal and carbon emissions data

Oct 12 (Reuters) - U.S. natural gas production and demand will rise to record highs in 2022, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Wednesday.

EIA projected dry gas production will rise to 97.56 billion cubic feet per day (bcfd) in 2022 and 99.63 bcfd in 2023 from a record 94.57 bcfd in 2021.

The agency also projected gas consumption would rise from 84.01 in 2021 to 87.89 bcfd in 2022 before sliding to 85.30 bcfd in 2023. That compares with a record 85.29 bcfd in 2019.

EIA's latest projections for 2022 were higher than its September forecasts of 97.09 bcfd for supply and 86.56 bcfd for demand.

The agency forecast average U.S. liquefied natural gas (LNG) exports would reach 11.01 bcfd in 2022 and 12.34 bcfd in 2023, up from a record 9.76 bcfd in 2021.

That was the same as its September forecast.

EIA projected U.S. coal production would rise from 578 million short tons in 2021 to 598 million short tons in 2022 as demand for the fuel increases overseas before sliding to 581 million short tons in 2023.

In 2020, coal output fell to 535 million short tons, its lowest since 1965.

As the economy grows and consumers burn more oil and gas, EIA projected carbon dioxide emissions from fossil fuels would rise to 4.960 billion tonnes in 2022 from 4.884 billion tonnes in 2021, before falling to 4.846 billion tonnes in 2023.

That compares with 4.577 billion tonnes in 2020, which was the lowest since 1983 because the coronavirus pandemic depressed demand for energy.

(Reporting by Scott DiSavino)

((scott.disavino@thomsonreuters.com; +1 332 219 1922; Reuters Messaging: scott.disavino.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.