The U.S. Energy Information Administration on Tuesday raised its estimate for U.S. natural gas production in 2014 to 5.3 percent over 2013’s record high levels. In its August Short-Term Energy Outlook (STEO), the EIA said it expects marketed natural gas production in 2014 to rise 3.71 billion cubic feet per day (bcfd) from 2013 to 73.89 bcfd, up a bit from last month’s forecast increase. That would be the fourth straight annual record as strong increases in Texas and the Marcellus states offset declines in the Gulf of Mexico, EIA said, noting production in 2015 is expected to grow by 2.1 percent over 2014. EIA also forecast gas consumption in 2014 will rise 1.24 bcfd, or 1.7 percent, from 2013 to 72.57 bcfd, up a bit from last month’s forecast increase. Consumption gains were led by the industrial sector, EIA said. EIA projected working gas […]