Thursday, May 31, 2012

Natural Gas: EIA Monthly Production Report--Down 0.4% for March

Even as the drillers go for the higher value natural gas liquids there is still a lot of "after processing" gas coming onto the market.
Here's the latest, from Dow Jones via Fox Business:
Natural-gas output in the Lower 48 U.S. states dropped in March for a second straight month to the lowest level since October, government data released Thursday show.

March output averaged 71.76 billion cubic feet, down 0.4% from a revised February level. The EIA said February output was 72.02 billion cubic feet per day, down from the earlier indication of 72.32 billion cubic feet per day.
March output was 5% above the year-earlier level.

The downward revision for February means demand fell 1% in that month, more than the 0.6% decline indicated earlier. The February drop is the biggest monthly decline since a 1.9% drop in February 2011 when output was hit by a severe cold snap that disrupted some production operations....MORE
From the EIA, May 31, 2012:
The May Natural Gas Monthly, with data through March 2012, has been released. With Henry Hub spot prices in the two dollar range and a mild winter coming to an end, March 2012 gross natural gas production and total consumption further declined from February levels. Daily gross production of natural gas for the Lower 48 States declined slightly from 72.06 billion cubic feet per day (Bcf/d) in February to 71.76 Bcf/d in March. Total consumption of natural gas also continued at historic low levels, with monthly March 2012 total consumption at 2,109 Bcf, a decline of more than 5 percent from the March 2011 level of 2,229 Bcf.