Genscape said July 23 that its pipeline models indicate that natural gas production for the “Lower 48” states reached the 70 Billion Bcfd (billion cubic feet per day) level for the first time on Monday, July 21.
“This unique milestone demonstrates the ongoing growth in gas production and the continued reliance on natural gas in North America,” the energy market research firm said in a July 23 news release.
This development comes as the Wall Street Journal reported that natural gas prices are at an eight-month low.
The Energy Information Administration (EIA) listed the natural gas futures price for August delivery at $3.77/mmBtu on July 23. EIA had reported a gas futures price below $4 ($3.95/mmBtu) on July 18 and the price hasn’t gotten above $4/mmBtu since then.