BAKU, Azerbaijan, October 21. US natural gas exports will hit a yearly peak in 2023 and maintain an upward trajectory into 2024, Trend reports.
According to the estimations made by the US Energy Information Administration Agency (EIA), US net natural gas exports are expected to surge by 20 percent year-on-year in 2023, reaching an average of 12.8 billion cubic feet per day (Bcf/d).
This increase can be attributed to a boost in both liquefied natural gas (LNG) exports and pipeline exports to Mexico, while natural gas imports are on the decline since 2022, the EIA said.
The US has taken the lead in LNG exports in the first half of 2023, averaging 11.6 Bcf/d, which is a 10-percent increase compared to the entire year of 2022. Although there was a dip in LNG exports during the third quarter of 2023, the EIA predicts a resurgence in the fourth quarter of that year, with a continued increase into 2024, averaging 12.7 Bcf/d for the first nine months of 2024.
By the fourth quarter of 2024, the agency anticipates US LNG exports to approach 15.0 Bcf/d, thanks to the commencement of three new export projects that will expand the country's export capacity.
US natural gas pipeline exports to both Canada and Mexico are also on the rise, with a 9-percent increase this year (0.7 Bcf/d) compared to the previous year, averaging 9.0 Bcf/d for the entirety of 2023. Exports to Mexico set a new record in June and remained high throughout the summer. The EIA expects this trend to continue as pipeline projects in Mexico are completed and demand in Mexico's electric power sector continues to grow.
On the flip side, the agency's projections indicate a 6-percent decline, equivalent to 0.5 Bcf/d, in US natural gas imports for 2023 compared to 2022. This decrease is attributed to milder winter weather in the northern US, reducing the need for natural gas imports from Canada to meet heating demands.