Shane Thielges | Shale Plays Media
Booming Marcellus gas production has once again set new records for the Northwest and the nation.
Bloomberg reports that the region’s gross gas output will reach 15.235 billion cubic feet (bcf) per day this month, a 28% increase from last year, and hit 15.482 bcf/day by August. That’s 16% of national gas production, compared to 2% in 2008 when the shale boom began. Statistics were taken from a monthly Energy Information Administration report.
“This is the latest round of big numbers from the Marcellus,” Martin King, an analyst with FirstEnergy Capital Corp. in Calgary, said in a phone interview yesterday. “There is more focus on supply and how that is weighing on prices.”
Recent estimates revealed the Marcellus and Utica shales hold much more natural gas than previously thought, spurring renewed development in the region. Bloomberg also reports that national gas stockpiles have increased by over a trillion cubic feet since the end of Marchsaw the lowest levels in eleven years.
Read more at Bloomberg: Fracking Sends Northeast Natural Gas Output to Record