EIA: Natural Gas Production Will Fall 7 Bcf/d in 12 Months < This should lead to a much tighter ngas market heading into next winter.
The EIA significantly reduced their gas production forecasts in their April Short Term Energy Outlook (STEO). These forecasts reflect the first full month of changes after March’s oil-price collapse and COVID-19 market impacts.
EIA Slashes U.S. Oil Production Forecast
The Energy Information Administration (EIA) lowered its U.S. crude production for both 2020 and 2021 to average 11.76 MMBbl/d and 11 MMBbl/d respectively. In March, production averaged 13 MMBbl/d.
Aegis Energy: "Two measures of industry activity show that there are fewer wells being drilled and much fewer wells being completed now versus earlier this year and a year ago."
April 10: Gas production will fall 7 Bcfpd this year
April 10: Gas production will fall 7 Bcfpd this year
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group