US natural gas production to hit record high in 2023: EIA

US natural gas production is forecast to hit a record high in 2023, according to a report issued by the Energy Information Administration (EIA).

The country's dry gas production will increase to 100.87 billion cubic feet per day (bcfd) in 2023 and 101.58 bcfd in 2024 from a record 98.11 bcfd in 2022, Xinhua news agency quoted the EIA's April Short Term Energy Outlook as saying.

The report also forecast that with inventories remaining above the five-year average in 2023, natural gas prices will average less than $3 per million British thermal units (MMBtu) for 2023, a more than 50 per cent drop from last year.

The natural gas spot price at Henry Hub averaged $5.45 per MMBtu in November 2022, and declined to average $2.31 per MMBtu in March, said the report.