U.S. natural gas production reached daily and monthly record high levels during the month of August, according to the country's Energy Information Administration (EIA) on Thursday.
Daily natural gas production climbed to an all-time high level of 92.8 billion cubic feet per day (2.63 billion cubic meters per day) on August 19, 2019, according to estimates from IHS Markit, the EIA said in a report.
Natural gas production in the U.S. also set a new monthly record in August 2019, averaging more than 91 billion cubic feet per day (2.58 billion cubic meters per day) for the first time in the country's history.
U.S. natural gas production increased by 7.1 billion cubic feet per day (0.2 billion cubic meters per day), or 8%, between August 2018 and August 2019, mostly led by output gains in the country's northeast, the report said.
"U.S. natural gas production has increased, even as natural gas prices have declined," it said, adding "Record growth in U.S. natural gas production continues to put downward pressure on prices."
The EIA said it forecasts dry natural gas production to average 93.4 billion cubic feet per day (2.64 billion cubic meters per day) from September 2019 through the end of the year.
If not consumed, or exported via pipeline or liquefied natural gas form to overseas, the excess natural gas will be placed in storage facilities.
In the U.S., natural gas storage has been absorbing a significant amount of the increase in gas production, according to the EIA.
By the week ending August 30, 2019, the net injection rate into gas storage was equal to 11.9 billion cubic feet per day (0.34 billion cubic meters per day), or about 30% more than the typical injection rate for that period based on the average of the previous five years, the EIA said.
By Ovunc Kutlu