Lower natural gas output volumes are needed to reverse suddenly weak prices in 2023, several analysts said in new outlooks. Yet, they also cautioned exploration and production (E&P) firms against scaling back too aggressively because U.S. export demand is poised to surge in coming years.

“Prices have been spiraling,” and “there is little upside potential in sight” until production pulls back, said Rystad Energy analyst Ade Allen. “As many players accept the likelihood of sustained low prices, operators are hinting at reduced activity through 2023.”

While this includes major players such as Chesapeake Energy Corp. and Comstock Resources Inc. across multiple plays, a majority of the cuts are likely to be “heavily skewed towards private operators in the Haynesville...