BAKU, Azerbaijan, March 17. US natural gas prices will continue to be low, staying below $2.00/MMBtu, during the second quarter of 2024, Trend reports.
According to the US Energy Information Administration Agency (EIA), in February, the price of natural gas in the U.S. hit a record low, adjusted for inflation, at $1.72/MMBtu.
Thus, the EIA expects boost in natural gas storage compared to usual for this time of year, as we head into a season with lower gas usage in the US.
In its March forecast, the agency predicts that the average price for all of 2024 will be around $2.30/MMBtu, which is 14 percent lower than what February outlook estimated.
Meanwhile, US dry natural gas production rose to nearly 104 Bcf/d in February. This came after a drop in January to 102 Bcf/d due to weather-related issues.
The EIA anticipates production to stay around this level in March and gradually decrease for the rest of the year.
