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The recent news stories we've read (and reported) announcing a pullback in natural gas production are borne out by the latest monthly U.S. Energy Information Administration (EIA) Drilling Productivity Report (DPR). The May report, issued yesterday (below), shows a slowdown in the growth of natural gas production. This is subtle, but don't miss it. That does not mean we will produce less gas from shale in the coming month; it means the rate of growth of new (all-time high) supplies is slowing. And at some point, we do expect to see negative growth--shrinking production.
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