Member access

4-Traders Homepage  >  Commodities  >  World  >  NYMEX Henry-hub gas       

Real-time Quote. Real-time World - 01/31 11:00:00 am
4.943 USD   --.--%
6d agoDJEU to Set 30% Energy Savings Targets
07/21DJEUROPE MARKETS : Russian Stocks Slump As Ukraine Tensions Persist
06/26DJU.K. Energy Suppliers Face In-Depth Antitrust Probe
SummaryQuotesChart AnalysisNews 

EIA : Lower 48 US March Natural Gas Output -0.4% Vs Revised February Level

05/31/2012 | 12:50pm US/Eastern
Recommend:
0
   By David Bird 
   Of  
 

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.

"Texas had the largest decline at 0.15 Bcf/d or 0.7%, as several operators reported shut-ins for well maintenance," the EIA said. "Louisiana and New Mexico exhibited losses of 0.09 Bcf/d or 1.1% and 0.08 Bcf/d or 2.2%, which is partially explained by well maintenance and a few operators who cited low prices as a reason for limiting their production."

The EIA said Gulf of Mexico production increased 3.5% as production from shut-in wells resumed.

Natural gas futures prices on the New York Mercantile Exchange traded to 10-year lows in the month and were 44% below year-earlier levels.

March featured the warmest temperatures for the continental U.S. on records back to 1895, according to the National Weather Service, while 25 states east of the Rockies recorded their highest-ever January-March temperatures. Unusually warm winter cut demand for gas and caused storage levels to rise to record highs, spurring some output cuts.

Chesapeake Energy Corp., (CHK), the second-biggest gas producer in the U.S., said in late January that as a result of low prices, it was cutting output by 8% of its total flow, or 500,000 cubic feet per day. Sustained low prices could lead to a cut of a further cut of the same volume, the company said. ConocoPhillips (COP) had said it was cutting output by 100,000 cubic feet per day.

Analysts said more significant cuts weren't likely, because about one-third of U.S. gas output comes from wells that primarily produce crude oil and other liquids that are fetching high prices. Crude oil prices above $100 throughout the first quarter inspired higher production and resulted in extraction of some gas that wouldn't otherwise be profitable to produce, analysts said.

-By David Bird, Dow Jones Newswires; 212-416-2141; david.bird@dowjones.com

Recommend :
0
React to this article
Latest news on NYMEX HENRY-HUB GAS
6d agoDJEU to Set 30% Energy Savings Targets
07/21DJEUROPE MARKETS : Russian Stocks Slump As Ukraine Tensions Persist
06/26DJU.K. Energy Suppliers Face In-Depth Antitrust Probe
06/24DJAustralia Expects Resources Earnings to Slow Sharply
06/24DJUkraine Doesn't Rule Out Canceling Cease-Fire
06/23DJNaftogaz Expects To Resume Russia Gas Delivery Talks
06/18DJU.S. Oil Inventories Fall Less Than Expected
06/17DJCanadian Government Approves Enbridge's Northern Gateway Pipeline - Update
06/17DJEnbridge's Northern Gateway Pipeline Approved
06/17DJCanadian Government Approves Enbridge's Northern Gateway Pipeline - Update
Advertisement
Chart
Duration : Period :
NYMEX Henry-hub gas Technical Analysis Chart | 4-Traders
Dynamic quotes  
ON
| OFF