SEATTLE (Oil Monster): Lower 48 production hit another all-time high this weekend of ~87 Bcf/d.
This is quite staggering considering that Lower 48 production is now ~12 Bcf/d higher y-o-y. On a total gas supply basis, the record high pushed gas supplies above ~91 Bcf/d.
Canadian gas net imports have been weak on the back of Enbridge's BC line rupture. The reduced import volumes are likely to rebound, which could push total gas supplies above ~92 Bcf/d.
As a result of the surge in natural gas production, the natural gas market is in a weird position at the moment. With natural gas storage expected to enter the winter heating season near record lows and below ~3.2 Tcf, bears and bulls both make compelling arguments as to why either side should win in the debate.
Courtesy: www.seekingalpha.com
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