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EIA Downgrades Expectations for Natural Gas Production
The EIA has revised its estimate for first quarter natural gas production down by a whopping 2 Bcf/d from 74 Bcf/d to 72 Bcf/d.
The EIA has revised first quarter natural gas consumption up by .7 Bcf/d from 96.3 Bcf/d to 97 Bcf/d.
The massive revision to production and consumption leads one to question if the EIA storage model is correct and will it be revised to show less natural gas in storage?
After the bell closed on Friday the EIA released its monthly natural gas report. The report delivered stunning news that the EIA has revised down its first quarter estimate for dry natural gas production and revised up its estimate for natural gas consumption. Just three weeks ago the EIA released its monthly Short Term Energy Outlook.
Chesapeake Energy continues to see its legal battles compound over its royalty-payment practices. Already facing lawsuits in several different states and having been subpoenaed by the U.S. Department of Justice, StateImpact Pennsylvania reports that another government outfit is taking a legal interest in the company's royalty payment strategies: Chesapeake Energy has been subpoenaed by the U.S. Postal service, seeking information on its royalty practices, according to a regulatory filing. As StateImpact Pennsylvania has previously reported , the Oklahoma City-based driller faces a slew of disputes and complaints over how it pays royalties. We've posted articles in the past that looked at some of the questionable practices that Chesapeake has employed to reduce the amount of royalties it pays out to landowners. As a quick refresher, note how ProPublica reporter Abrahm Lustgarten shared some of the details in an article which we shared here on The Daily Digger in March