New data from the U.S. Bureau of Labor Statistics shows that from the start of 2007 until 2012, oil and natural gas industry employment has grown much faster than total private sector employment. Since 2007, total private sector employment increased by 1 million jobs, or about 1 percent. During the same period, the oil and natural gas industry added 162,000 jobs, a gain of 40 percent. Jobs indirectly associated with or that support oil and gas development, from well construction to restaurants serving workers, have also grown during this time.
Meanwhile, the summer is coming to a close and cooler temperatures will set in. Summer has fluctuated between very hot and cool, but overall temperatures have been higher than normal.
Gas to power demand is down 11 percent from the record volumes last summer, but at 28.3 Bcf per day, gas volumes into power generation are still above historical averages. Volumes of gas that last year went to power generation are this year directed into storage, which is just above the five year average and has been about average since earlier this year.
Visit this link to download the full Natural Gas Market Indicators report. Topics covered in this week’s report include: Reported Prices, Weather, Working Gas in Underground Storage, Natural Gas Production, Shale Gas, Rig Counts, Pipeline Imports and Exports, and LNG Markets.