“Rising production is going to add pressure on gas prices,” said James Williams, an economist at WTRG Economics, an energy research firm in London, Arkansas. “Production will probably remain at a high level with the rig count staying around 900.”
Production rose to 69.47 billion cubic feet a day from a revised 69.39 billion in May, the department’s Energy Information Administration said today in a monthly report known as EIA-914. That’s the highest level since department began collecting monthly lower-48 data in January 2005.
The number of U.S. gas drilling rigs dropped 2 last week to 898, according to Houston-based Baker Hughes Inc.