EIA expects higher wholesale U.S. natural gas prices in 2021 and 2022

In its January 2021 Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts that the annual natural gas spot price at the Henry Hub will rise 0.98¢ per million British thermal units (MMBtu) to average $3.01/MMBtu in 2021. EIA expects higher natural gas prices will prompt dry natural gas production to increase in the second half of 2021, after reaching a monthly low of 87.3 billion cubic feet per day (Bcf/d) in March 2021. On an annual basis, EIA forecasts that dry natural gas production will decline from an average of 90.8 Bcf/d in 2020 to 88.2 Bcf/d in 2021. Since early 2020, natural gas production has fallen amid low natural gas and crude oil prices.
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