Natural Gas News – July 20, 2017

Natural Gas News – July 20, 2017

Researchers: US natural gas reserves at 52-year high

Washington Examiner reports: The nation’s total natural gas supply has reached its highest level in 52 years, according to a research committee funded by the industry. The Potential Gas Committee’s latest biennial assessment of the nation’s total technically recoverable natural gas reserves far surpassed its last highest estimates from 2014 by tens of trillions of units of recoverable fuel. To lend some perspective, the U.S. consumed about 27 Tcf of natural gas in 2016, according to the Energy Information Administration. The new number from the committee would support that rate of consumption for about 104 years. The committee assessment is based on technically recoverable resources, which is the natural gas that can be extracted using current technologies and techniques. As technologies improve, the reserve can increase, although it may not be profitable for companies to drill everywhere that it is possible to do so. The committee’s number reflects natural gas from shale, which uses hydraulic fracturing, conventional drilling wells and offshore reservoirs.

U.S. natural gas hits 3-week highs on bullish weather forecasts

Investing.com reports: U.S. natural gas futures rallied to the highest level in almost three weeks on Wednesday, as sentiment remained upbeat amid bullish weather forecasts. U.S. natural gas for August delivery was at $3.095 per million British thermal units by 9:40AM ET up 0.7 cents, after touching its highest since June 29 at $3.103 earlier in the session. Prices notched their third-straight session of gains on Tuesday as updated weather forecasting models pointed to increased summer demand. For more visit investing.com or click the following link http://bit.ly/2vD4DEr