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Natural Gas Year-in-Review
With Data for 2011 | Release Date: July 10, 2012 | Next Release Date: July 2013
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Highlights
Continued growth in production, relatively low prices, and expanded electric power sector use characterized U.S. natural gas markets in 2011. Key observations for the year include:
- Henry Hub spot prices fell from an average of $4.37 per million British thermal units (MMBtu) in 2010 to $3.98 per MMBtu in 2011.
- Marketed production grew 7.9 percent, from 61.4 billion cubic feet per day (Bcf/d) in 2010 to 66.2 Bcf/d in 2011. This was the largest year-over-year change since 1984, despite falling rig counts in 2011.
- Consumption rose from 65.1 Bcf/d in 2010 to 66.8 Bcf/d in 2011, with the electric power and industrial sectors showing strong growth.
- U.S. inventories of working natural gas in storage hit new records in 2011. Inventories reached a weekly record of 3,852 Bcf the week ending November 18, 2011.
- Net imports posted a steep decline in 2011, from 7.1 Bcf/d the previous year to 5.3 Bcf/d, and were at the lowest levels since 1992.
2009 | 2010 | 2011 | 2010-2011 Change | Percent Change | |
---|---|---|---|---|---|
Supply | |||||
Marketed Production | 59.3 | 61.4 | 66.2 | 4.8 | 7.9% |
Federal Gulf of Mexico | 6.7 | 6.2 | 5.0 | -1.2 | -19.0% |
Lower-48 States | 51.3 | 53.9 | 60.2 | 6.3 | 11.7% |
Gross Imports | 10.3 | 10.2 | 9.5 | -0.8 | -7.5% |
Storage Withdrawals | 8.1 | 9.0 | 8.7 | -0.3 | -3.0% |
Disposition | |||||
Consumption | 62.8 | 65.1 | 66.8 | 1.6 | 2.5% |
Gross Exports | 2.9 | 3.1 | 4.1 | 1.0 | 32.6% |
Storage Injections | 9.1 | 9.0 | 9.7 | 0.6 | 7.0% |
Source: U.S. Energy Information Administration, Natural Gas Monthly. |