US gas drilling boom not delivering more production

08/16/2004
US natural gas prices are showing signs of weakness, but the long-term outlook continues to be one of strength.The near-term price weakness stems from expectations of ample supply this coming winter. Injections into storage continue at a robust rate. This was helped along by a recent spell of unseasonably cool temperatures. Temperatures lower than normal in the US Midwest and Northeast at the end of July spurred a sizable increase in injection rates. For the week ended July 30, net injections totaled 83 bcf—vs. a 5 year average injection rate of 53 bcf for the period, notes Ohio energy economist James Williams, president of WTRG Economics."To reach the highest storage level on recor...
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