BAKU, Azerbaijan, April 13. High levels of US LNG exports will continue in 2022, Trend reports with reference to the US Energy Information Administration (EIA).
“In March, U.S. LNG exports averaged 11.9 billion cubic feet per day (Bcf/d), an increase of 0.7 Bcf/d from February. LNG prices in Europe remain high amid supply uncertainties due to the war in Ukraine and the need to replenish Europe’s natural gas inventories, which has kept Europe’s demand for LNG elevated. Inventories in Europe were 26 percent full as of March 31, compared with the five-year average of 34 percent. We expect high levels of US LNG exports to continue in 2022, averaging 12.2 Bcf/d for the year, a 25 percent increase from 2021,” reads the latest EIA report.
The EIA analysts expect that US consumption of natural gas will average 84.1 Bcf/d in 2022, up 1 percent from 2021. The increase in U.S. natural gas consumption is a result of colder forecast temperatures in 2022 compared with 2021, which results in more consumption in the residential and commercial sectors. In addition, we expect the industrial sector to consume more natural gas in 2022 in response to expanding economic activity.
“We expect U.S. natural gas consumption will average 84.7 Bcf/d in 2023. We estimate dry natural gas production averaged 96.2 Bcf/d in the United States in March, up 1.2 Bcf/d from February. Similar to January and February, production in March was lower than in December because of brief periods of freezing temperatures in certain production regions and, in part, because of maintenance, according to public sources. We forecast dry natural gas production to average 96.9 Bcf/d in April. For all of 2022, we expect that dry natural gas production will average 97.4 Bcf/d, which would be 3.8 Bcf/d more than in 2021. We expect dry natural gas production to average of 100.9 Bcf/d in 2023,” says the report.
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