U.S. Natural Gas Output Rose 0.3% in June: Platts' Bentek Energy Producers Continued to Set Records, But Growth Pace Ebbed From May
DENVER, July 7, 2014 /PRNewswire/ -- June proved to be another record-breaking month for U.S. natural gas output in the lower 48 States, with production totaling 68.1 billion cubic feet per day (Bcf/d), according to the latest estimates from Bentek Energy, an oil and natural gas analytics and forecasting unit of Platts. This was up 0.3% from May and the highest monthly production average on record. It exceeded the previous monthly high set in May by nearly 0.2 Bcf/d.
On June 27, production set a one-day record high of 68.7 Bcf/d, a record that Bentek expects will be broken in July. Average June 2014 natural gas production was 3.5 Bcf/d or 5.4% higher than levels seen in June 2013.
The U.S. Energy Information Administration (EIA) will publish its domestic production estimates for June on or around August 30, 2014.
"While the pace of production gains slowed slightly this month, the magnitude of the overall increase in domestic natural gas production is remarkable," said Jack Weixel, Bentek director of energy analysis. "To think that just five years ago in 2009, the U.S. was averaging only 55.1 Bcf/d of production, really puts the recent run of 68 Bcf days in perspective. As we enter the summer's peak energy demand period, both wholesale and retail consumers of natural gas should feel more at ease about prices with this amount of supply at hand."
Bentek data analysis suggests 2014 production will average approximately 67.5 Bcf/d due to a higher overall price environment for producers and continued growth in liquids-rich basins such as the Eagle Ford, Bakken, Permian and Greater Anadarko, in addition to continued increases in dry production in the Marcellus.
The Bentek data analysis is based on an extensive sample of near real-time production receipt data from the U.S. lower 48 interstate pipeline system. Platts' Bentek production models are highly correlated with and provide an advance glimpse of federal government statistics from the U.S. EIA.
This Bentek Energy U.S. natural gas production data estimate will be published on or around the first Tuesday of every month, covering the previous month's output activity. Bentek's dry gas production estimates are not observed data and are based on pipeline receipt nominations and certain state production data.
Bentek Energy, which specializes in energy market analytics and is recognized as an industry leader in natural gas market fundamental analysis, was acquired by Platts in 2011. For more information about natural gas supply and demand and Bentek Energy, visit www.bentekenergy.com. For more information about natural gas spot price trends, or Platts, a leading global energy, petrochemical and metals information provider, visit the website at www.platts.com.
NOTE: As with any modeled number, Bentek makes no warranty, express or implied, regarding the use of any information in connection with trading of commodities, equities, futures, options or any other use.
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