U.S. gas production in the Lower 48 rose by 500 million cubic feet per day during the month of July vs. June, according to Bentek Energy. Average production during July was 68.5 billion cubic feet per day (Bcf/d), marking the highest monthly average on record and surpassing the previous record set in June. On July 30, production set a one-day record high of 69.3 Bcf/d.
On a year-over-year basis, average July 2014 gas production was up 5.1% from July 2013, or 3.3 Bcf/d higher.
“The U.S. has moved past 68 Bcf/d, and we’re now talking about what day production will surpass 70 Bcf/d,” said Jack Weixel, Bentek director of energy analysis, in a statement. “While our official forecast doesn’t predict average monthly production to exceed 70 Bcf/d until April 2015, the reality is that we’ll likely hit 70 Bcf/d on several days in the month of September. The 70 Bcf/d level is a big mental hurdle for the market, to think about that volume of natural gas being available every day will calm most fears about insufficient storage levels going into winter.”
Bentek data analysis suggests 2014 production will average about 67.7 Bcf/d on the back of a higher price environment for producers, continued growth in liquids-rich shale basins such as the Eagle Ford, Bakken, Permian and Greater Anadarko, and sustained dry gas production increases out of the Marcellus.
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