The Energy Information Administration forecasts U.S. inventories of natural gas to decline to 3,592 cubic feet (Bcf), 159Bcf below its previous five-year average.
- Above-average withdrawals of natural gas, strong storage in the winter heating season, and below-average injections led to a forecast of below-average inventories of natural gas.
- U.S. production of drug natural gas remained relatively the same, hovering around 91.5 billion (Bcf/d) in 2021, 0.4 Bcf/d below the same period in 2020.
- U.S. exports of liquefied natural gas exploded to record-high levels in 2021 due to newly added LNG export capacity and increases in international natural gas and LNG prices.
- EIA forecasts that LNG exports will average 9.4 Bcf/d for the full year, backed by the increase in pipeline exports of natural gas.
The high level of U.S. exports in 2021 alongside relatively flat production has led to below-average injections of natural gas to storage. U.S. inventories of natural gas have grown by 960 Bcf, 14% lower than the five-year average industry.
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