The EIA released it’s natural gas storage report, and is available for download.
EIA expects that U.S. natural gas consumption will decline by 2.3 Bcf/d to 80.8 Bcf/d in 2021. The decline is primarily driven by a 3.5 Bcf/d decrease in natural gas consumed in the electric power sector because of higher natural gas prices. Higher natural gas prices would lead to natural gas-to-coal fuel switching and to more competition from renewable generation sources from expected renewable capacity additions in 2021. EIA forecasts natural gas consumption in the electric power sector to decline by another 1.7 Bcf/d to average 26.4 Bcf/d in 2022.
EIA expects slight increases in natural gas consumption in the industrial, residential, and commercial sectors because of expected economic growth (based on IHS Markit economic forecasts) and slightly cooler winter weather (based on National Oceanic and Atmospheric Administration forecasts).
EIA expects natural gas exports to continue to exceed natural gas imports in both 2021 and 2022. EIA forecasts that in 2021, natural gas pipeline exports and liquefied natural gas (LNG) exports will be nearly equal: exports by pipeline increase 0.6 Bcf/d to 8.6 Bcf/d and LNG exports increase 2.0 Bcf/d to 8.5 Bcf/d.
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