# Record US production growth to keep lid on 2023-2024 gas prices: EIA

> The EIA lowered its Q1 2023 Henry Hub forecast by $1.18 to $4.99/MMBtu and its 2023 average to $4.90. It raised its 2023 US marketed gas production estimate by 2.36 Bcf/d, with record output expected in 2023 and 2024.

- Date: 2023-02-01 · published 2023-02-01T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/37943-record-us-production-growth-to-keep-lid-on-2023-2024-gas-prices-eia
- Commodities: [Natural Gas](https://feedsoft.ai/c/NATGAS.md)

## Why it matters

Higher projected output and lower prices point to softer natural gas costs, which can ease fertilizer and processing expenses for feed makers.

## Read by commodity

- NATGAS: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| NATGAS | 2023-02-01 | [EIA forecasts lower wholesale U.S. natural gas prices in 2023 and 2024](https://feedsoft.ai/events/37942-eia-forecasts-lower-wholesale-u-s-natural-gas-prices-in-2023-and-2024.md) | -7.6% | +1.2% |
| NATGAS | 2023-08-31 | [Nat-Gas Prices Fall Back on Bearish EIA Report](https://feedsoft.ai/events/34751-nat-gas-prices-fall-back-on-bearish-eia-report.md) | -4.5% | +7.9% |
| NATGAS | 2023-03-09 | [EIA expects US natural gas consumption to fall 2.4% in 2023 \| Oil & Gas Journal](https://feedsoft.ai/events/37036-eia-expects-us-natural-gas-consumption-to-fall-2-4-in-2023-oil-and-gas-journal.md) | -3.2% | -14.4% |
| NATGAS | 2020-07-14 | [US Henry Hub natural gas spot prices hit record lows \| Hydrocarbon Engineering](https://feedsoft.ai/events/52293-us-henry-hub-natural-gas-spot-prices-hit-record-lows-hydrocarbon-engineering.md) | -4.0% | +24.2% |
| NATGAS | 2018-02-01 | [EIA expects 2018 and 2019 natural gas prices to remain relatively flat](https://feedsoft.ai/events/67161-eia-expects-2018-and-2019-natural-gas-prices-to-remain-relatively-flat.md) | -14.0% | -15.1% |

## Sources

- spglobal.com: https://www.spglobal.com/energy/en/news-research/latest-news/natural-gas/011023-record-us-production-growth-to-keep-lid-on-2023-2024-gas-prices-eia

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.