Executives in the heart of the Lower 48 oil and gas patch have revised down their forecasts for domestic natural gas prices this year, according to the latest survey of industry activity and sentiment by the Federal Reserve Bank of Dallas.

The Dallas Fed, as it is better known, conducts a quarterly survey of about 200 oil and gas firms located or headquartered in the Eleventh Federal Reserve District. The district includes Texas, southern New Mexico and northern Louisiana. Respondents include executives from the exploration and production (E&P) and support and services sectors. 

Participants in the latest survey predicted an average Henry Hub natural gas price of $2.97/MMBtu for year-end 2023, versus an average of $3.43 projected in last quarter’s survey.

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