U.S. Energy Information Administration published its short-term energy outlook for the month of August, 2014
EIA’s STEO shows that “natural gas spot prices fell from $4.47/million British thermal units (MMBtu) at the beginning of July to $3.78/MMBtu at the end of the month as natural gas stock builds continued to outpace historical norms.”
The consumption is expected to average 72.6 Bcf/d in 2014, which is an increase of 1.7% from 2013, led by the industrial sector.
EIA expects natural gas marketed production to grow by an annual rate of 5.3% in 2014 and 2.1% in 2015.
Liquefied natural gas (LNG) imports have fallen over the past several years because higher prices in Europe and Asia are more attractive to sellers than the relatively low prices in the United States.
Natural gas working inventories totaled 2,389 Bcf as of August 1, which was 538 Bcf lower than the same time last year and 608 Bcf lower than the previous five-year (2009-13) average.
EIA’s next STEO is scheduled for early September.
Press Release, August 13, 2014; Image: EIA