EIA Downgrades Expectations for Natural Gas Production

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From Seeking Alpha:
Summary
  • The EIA has revised its estimate for first quarter natural gas production down by a whopping 2 Bcf/d from 74 Bcf/d to 72 Bcf/d.
  • The EIA has revised first quarter natural gas consumption up by .7 Bcf/d from 96.3 Bcf/d to 97 Bcf/d.
  • The massive revision to production and consumption leads one to question if the EIA storage model is correct and will it be revised to show less natural gas in storage?
After the bell closed on Friday the EIA released its monthly natural gas report. The report delivered stunning news that the EIA has revised down its first quarter estimate for dry natural gas production and revised up its estimate for natural gas consumption. Just three weeks ago the EIA released its monthly Short Term Energy Outlook.
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