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Market Recap Analytic Report (Weekly)
Production growth continues, sets YTD high
Week-over-week, US production gained 0.5 Bcf/d to land at 73.2 Bcf/d for the week ending August 11, the highest weekly average of the year. Total US production set multiple record highs this week, hitting 73.4 Bcf/d on August 10 to set a new high record level for 2017, just 0.4 Bcf/d below the all-time high set in April 2015. The week on week growth was spread out across several regions, with the Southeast, Rockies, and Southwest each posting 0.1 Bcf/d gains compared to last week. Imports from Canada also pushed down US Supply this week with a 0.2 Bcf/d drop in Canadian volumes moving into the Midwest and a 0.1 Bcf/d drop in volumes moving into the PNW. PNW imports from Canada are currently being impacted by a maintenance on the GTN system, expected to last through August 19. Total Demand was down to 71.5 Bcf/d on the week, down 2.0 Bcf/d from the previous week primarily driven by power burn declines spread across several regions. Week on week, the largest demand drops were seen in the Northeast, Southwest, and Texas, while a 0.6 Bcf/d increase in Southeast demand partially offset some of those declines. LNG Imports ticked down slightly to 1.9 Bcf/d while exports to Mexico remained flat at 4.4 Bcf/d.
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