DENVER, June 3, 2014 /PRNewswire/ -- U.S. exploration and production companies were at full throttle in May, producing 67.7 billion cubic feet per day (Bcf/d) of natural gas in the lower 48 States, according to the latest estimates from Bentek Energy, an oil and natural gas analytics and forecasting unit of Platts. This was up 0.6% from the previous monthly high set in April.
May 2014 saw nine days of production in excess of 68.0 Bcf/d and ten days of the highest production levels in the history of U.S. gas production, the Bentek analysis showed. Production peaked on May 26 at 68.2 Bcf/d. Average May 2014 gas production was up 3.0 Bcf/d or 4.6% from May 2013 levels.
The U.S. Energy Information Administration (EIA) will publish its domestic production estimates for May on or around July 31.
"With summer heat and air-conditioning season upon us and elevated natural gas demand from the power generation sector, despite higher prices, this record production is a shot in the arm for what is turning into a more and more robust market," said Jack Weixel, Bentek Energy director of energy analysis. "With power utilities clearly anxious about relying on coal as a fuel source now that the Environmental Protection Agency has released its latest carbon emissions reduction program, natural gas producers have stepped up and see a clear signal to deliver as much as the market can bear."
Bentek data analysis suggests 2014 production will average approximately 67.5 Bcf/d due to a higher price environment for producers and continued production growth from liquids-rich shale 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 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 fundamentals and Bentek Energy, visit www.bentekenergy.com.
For more information about natural gas spot price trends and 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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