Friday, June 29, 2012

EIA: Natural Gas Production ROSE in April

The futures are up 4.3 cents at $2.765.
We've been talking about how difficult it is for producers to actually cut production for reasons ranging from their need for cash flow from recently completed (and paid for) wells to gas as a "byproduct" of their search for higher value liquids to the ponzi finance of current life-cycle projections to wells awaiting completion and//or hook-up.

Any cuts in the demand side, combined theproven reluctance of producers to actually shut in production has them exceeding the 4.1 Tcf capacity of storage by October.

Here's Reuters
Lower 48 US April natgas output climbs, 1st gain in 3 mths
Gross natural gas production in April in the lower 48 U.S. states rose for the first time in three months, climbing 0.8 percent from March, data from the U.S. Energy Information Administration showed on Friday.
Lower 48 "wet" gas output in April totaled 72.48 billion cubic feet per day, up 0.56 bcf per day from upwardly revised March output of 71.92 bcf daily, the EIA said in its monthly Natural Gas Gross Production Report.
The EIA's previous estimate for March was 71.76 bcf per day.

And here's the EIA:
Natural Gas Monthly

Data for April 2012  |  Release Date:   June 29, 2012  |