Simmons & Co.: Reduced drilling could help gas market by yearend

01/23/2012
While the 2012 US natural gas market will continue to be oversupplied despite increased demand, future production levels will be largely a function of this year’s capital discipline, according to an outlook from analysts at investment bank Simmons & Co. International. Simmons & Co. forecasts that gas supply will exceed demand by 1.2 bcfd this year, leading to full storage in October and curtailments being required to balance the market. Working gas storage capacity in the US is estimated to be 4,150 bcf. At yearend 2011, gas in storage was 3,472 bcf. This year’s gas demand growth is forecast to be 1.7 bcfd, driven primarily by increased industrial demand, up 0.7 bcfd from last yea...
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