LNG

April 11 (LNG) - The US benchmark Henry Hub natural gas spot price is expected to average $2.99 per million British Thermal units in 2018 and $3.07 per MMBtu in 2019, according to the latest short-term outlook from the US Energy Information Administration. US dry natural gas production averaged 73.6 billion cubic feet per day (Bcf/d) in 2017. “The EIA forecasts dry natural gas production will average 81.1 Bcf/d in 2018, establishing a new record,” said the report. It also forecasts natural gas output will rise by 1.7 Bcf/d in 2019. “Growing US natural gas production is expected to support both growing domestic consumption and increasing natural gas exports,” said the report. Natural gas inventories at the end of March, considered to be the end of the US winter heating season, were estimated to be almost 1.4 trillion cubic feet, which was 19 percent lower than the previous five-year average.