2019-08-16 10:25:00
U.S. GAS PRODUCTION UP
U.S. EIA - U.S. natural gas production continued to increase in August despite relatively low natural gas spot prices, setting a new daily production record of 92.1 billion cubic feet per day (Bcf/d) on August 5, 2019, according to data from OPIS PointLogic Energy. Natural gas production increased by 1.5 Bcf/d (2.5%) between May and August 2019, led by production gains primarily in the Northeast. The northeastern region continues to be the largest natural gas-producing region in the country, accounting for 34% of the U.S. total. Average daily production levels in that region reached a new high of 32.2 Bcf/d in the first week of August, 1.5 Bcf/d higher than its monthly average in May.
Natural gas spot prices have been on a downward trend since early spring. Henry Hub spot natural gas prices are at a multi-year low, despite storage inventories ending withdrawal season at their lowest levels since 2014. On Monday, August 5, the spot price of natural gas at the Henry Hub closed at its lowest price since May 30, 2016, at $2.02 per million British thermal units (MMBtu)—down from $2.95/MMBtu on March 15.
Record levels of natural gas production growth continue to put downward pressure on prices. This summer, prices have continued to decline despite high levels of natural gas exports and increased consumption in the electric generation sector. Prices averaged $2.40/MMBtu in June and $2.37/MMBtu in July as growth in natural gas production continued to offset growth in consumption.
Natural gas storage has been absorbing a significant amount of this production. This injection season started with working natural gas inventories 30% lower than the previous five-year (2014–18) average during the same period. By the week ending August 9, working gas inventories were at 111 Bcf, or 4%, lower than the five-year average of 2,849 Bcf. EIA forecasts that natural gas storage levels will be about 3,700 Bcf by the end of October, which is slightly higher than the five-year average.
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Earlier:
2019, August, 13, 13:25:00
U.S. PRODUCTION: OIL + 85 TBD, GAS + 729 MCFD
U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 85,000 b/d month-over-month in August from 8,683 to 8,768 thousand barrels/day, gas production to increase 729 million cubic feet/day from 80,866 to 81,595 million cubic feet/day .
2019, August, 12, 13:20:00
U.S. GAS DEMAND UP
U.S. natural gas demand is rising as power generators shut coal plants and burn more gas for electricity and as rapidly expanding liquefied natural gas (LNG) terminals turn more of the fuel into super-cooled liquid for export.
2019, August, 12, 13:15:00
U.S. GAS SALES UP
Russian gas sales on Gazprom Export's Electronic Sales Platform (ESP) rebounded above 100 million cu m in Thursday's auction, continuing a trend of steady strong sales on the platform this month.
2019, August, 12, 12:40:00
U.S. RIGS DOWN 8 TO 934
U.S. Rig Count is down 8 rigs from last week to 934, with oil rigs down 6 to 764, gas rigs down 2 to 169, and miscellaneous rigs unchanged at 1. Canada Rig Count is up 3 rigs from last week to 140, with oil rigs up 3 to 94 and gas rigs unchanged at 46.
2019, July, 30, 11:55:00
U.S. LNG FOR EUROPE UP
U.S. exports of liquefied natural gas (LNG) have been growing steadily and reached a new peak of 4.7 billion cubic feet per day (Bcf/d) in May 2019,
2019, July, 20, 12:50:00
U.S. GAS PRICES DOWN TO $2.37 MMBTU
the U.S. Energy Information Administration (EIA) forecasts Henry Hub natural gas spot prices for June, July, and August this year will average $2.37 per million British thermal units (MMBtu). If realized, this price would be the lowest summer average Henry Hub natural gas price since 1998.
