|By PR Newswire||
|April 1, 2014 06:16 PM EDT||
DENVER, April 1, 2014 /PRNewswire/ -- Spurred on by the top three highest producing days in U.S. history, domestic natural gas production in the lower 48 states averaged 66.6 billion cubic feet per day (Bcf/day) in March 2014, according to the latest estimates from Bentek Energy, the oil and natural gas analytic unit of Platts. Production levels on March 29, 30 and 31 all came in at 67.6 Bcf/d, the single highest production days since November 9, 2013. March 28 production came in just 0.1 Bcf/d shy of these levels.
Average March 2014 gas production was up 1.0 Bcf/d or 1.5% from February 2014 and up 2.5 Bcf/d (4.0%) versus levels seen in March 2013.
The U.S. Energy Information Administration (EIA) will publish its domestic production estimates for March on or around May 31.
"The last week of March was remarkable from a supply perspective and is a reflection of U.S. producer's resilience in the face of strong gas demand faced by the nation this year," said Jack Weixel, Bentek Energy director of energy analysis. "Production in the Northeast basins like Marcellus and Utica are up 44% this March versus last March alone. It's becoming increasingly clear the Northeast is the new center of the gas universe for North America."
For 2013 as a whole, U.S. natural gas production averaged 64.8 Bcf/d, up more than 1.2 Bcf/d higher or 1.9% higher than the 2012 average of 63.6 Bcf/d. Bentek data analysis suggests 2014 production will average approximately 68.0 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 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.
About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals, metals and agriculture information and a premier source of benchmark prices for the physical and futures markets. Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency. Customers in more than 150 countries benefit from Platts' coverage of the biofuels, carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, shipping and sugar markets. A division of McGraw Hill Financial (NYSE: MHFI), Platts is headquartered in New York with approximately 900 employees in more than 15 offices worldwide. Additional information is available at http://www.platts.com.
About McGraw Hill Financial: McGraw Hill Financial (NYSE: MHFI), a financial intelligence company, is a leader in credit ratings, benchmarks and analytics for the global capital and commodity markets. Iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power and McGraw Hill Construction. The Company has approximately 17,000 employees in 29 countries. Additional information is available at www.mhfi.com.
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