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Tuesday, November 6, 2018

U.S. Gas Production Continues Going Up - Can Demand Keep Pace?

From Oilprice.com:
Natural gas production hit another high in the United States at approximately 87 billion cubic feet per day (Bcf/d) over the last weekend. The rise in production contributed to a total gas supply over 91 Bcf/d before we even head into the winter months. 
The surge in domestic natural gas production comes at the same moment as we are experiencing a shortage in storage going into the season with highest natural gas demand. Storage is vital during the winter months when demand for natural gas spikes and production is not able to keep up, causing the necessity to dip into reserves. 
Currently storage is at a 10-year low, coming in below 3.2 trillion cubic feet of available storage capacity. What’s more, net imports of Canadian natural gas have been low thanks to Enbridge’s pipeline rupture near Prince George, British Columbia. When the import volumes return to their normal levels, total gas supplies in the U.S. would rise even higher, potentially exceeding 92 Bcf/d.
Read the whole article by clicking here.

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