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U.S. Natural Gas Output Up 1.5% In March: Platts' Bentek Energy

Stocks in this article: MHFI

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.

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