EIA raises natural gas production forecast for 2012

04/10/2012 | Reuters

The Energy Information Administration again increased its estimate for domestic natural gas production this year. The U.S. is expected to produce 69.22 billion cubic feet per day of natural gas, the EIA said in its April Short-Term Energy Outlook, compared with the 67.91 billion cubic feet per day of gas in its March forecast. "EIA raised production more than demand, which is going to make people hesitate about [buying] futures. [Physical prices] are still drifting lower, which means there's just too much gas around," said SMC Advisory Services' Steve Mosley.

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