Crude oil production data released this week reflects a third consecutive month of gains in output from the Organization of Petroleum Exporting Countries (OPEC). July production volumes of 32.87 million barrels per day represent the high-water mark for 2017, up more than 170,000 barrels per day from the previous month. OPEC export volumes for the month were at an all-time record high.
In its latest Short Term Energy Outlook, the U.S. Energy Information Administration (EIA) increased forecasts for domestic natural gas production in the fourth quarter and the coming year, estimating Q4 output at 75.6 Bcf per day and 2018 volumes of 76.4 Bcf per day. The EIA noted that forecasts for record natural gas production next year coincide with an expected rise in electricity generation from gas-fired power plants and a surge in export volume.
According to data filed with the U.S. Federal Energy Regulatory Commission (FERC), installed electricity storage capacity reached 565.5 MW at the end of the second quarter of 2017, an increase of 32% over the last year. FERC data showed that 45 grid-connected facilities are operating in 12 states, with battery storage system making up the vast majority of the installations. Almost half of the total installed capacity is currently used for frequency regulation.