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US Natural Gas Production Reaches a New Record despite Low Prices - IHS Markit

Gasoil News - Published on Mon, 16 Sep 2019

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IHS Markit reported that US natural gas production continued to increase in August, setting a new daily production record of 92.8 billion cubic feet per day on August 19, 2019. Natural gas production also set a new monthly record in August, averaging more than 91 billion cubic feet per day for the first time.

In the latest Short-Term Energy Outlook, the US Energy Information Administration forecasts dry natural gas production to average 93.4 billion cubic feet per day from September through the end of the year. US natural gas production increased by 7.1 billion cubic feet per day between August 2018 and August 2019, led by production gains primarily in the Northeast.

US natural gas production has increased, even as natural gas prices have declined. Natural gas spot prices at the national price benchmark Henry Hub have been on a downward trend since early spring. Spot prices at other natural gas hubs across the country have continued to sell at discounts to Henry Hub.

Record growth in US natural gas production continues 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.

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Posted By : Rabi Wangkhem on Mon, 16 Sep 2019
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