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Volume 35 / Issue 166 / August 23, 2013

Asia LPG ($/mt)

(PGL page 2780)

Mid Change
Mid Change

CFR Refrigerated Diffs to Saudi CP strip
11:11 Singapore-Japan (H2 Sep) AASGO00 919.000
11:11 Singapore-Japan (H1 Oct) AASGP00 918.000
11:11 Singapore-Japan (H2 Oct) AASGQ00 917.000
11:11 Singapore-Japan cargo*
AASGN00 918.500
Propane Japan cargo (H2 Sep)
AAVAK00 903.00905.00 904.000 +2.000 Propane Japan
PMAAX00 61.00/62.00 61.500 0.000
Propane Japan cargo (H1 Oct)
AAVAL00 902.00904.00 903.000 +2.000
Propane Japan cargo (H2 Oct)
AAVAM00 901.00903.00 902.000 +2.000
Propane Japan cargo*
PMAAV00 903.00904.00 903.500 +2.000
Propane South China cargo
AABAK00 897.00899.00 898.000 +2.000 Propane South China
AABAI00 60.00/62.00 61.000 -1.000
Propane Taiwan cargo
AABAN00 898.00900.00 899.000 +2.000 Propane Taiwan
AABAO00 61.00/63.00 62.000 -1.000
Propane North Asia Zone
AAJTQ00 900.00902.00 901.000 +2.000
Propane Korea
PMABK00 58.00/59.00 58.500 0.000
Butane Japan cargo (H2 Sep)
AAVAN00 923.00925.00 924.000 -3.000 Butane Japan
PMAAH00 61.00/62.00 61.500 0.000
Butane Japan cargo (H1 Oct)
AAVAO00 922.00924.00 923.000 -3.000
Butane Japan cargo (H2 Oct)
AAVAP00 921.00923.00 922.000 -3.000
Butane Japan cargo*
PMAAF00 923.00924.00 923.500 -3.000
Butane South China cargo
AABAU00 917.00919.00 918.000 -3.000 Butane South China
AABAT00 65.00/67.00 66.000 -4.000
Butane Taiwan cargo
AABBH00 918.00920.00 919.000 -3.000 Butane Taiwan
AABBI00 66.00/68.00 67.000 -4.000
Butane North Asia Zone
AAJTT00 920.00922.00 921.000 -3.000
Butane Korea
PMABL00 58.00/59.00 58.500 0.000

CFR Pressurized Diffs to Saudi CP strip
LPG Vietnam
AAWUV00 954.00956.00 955.000 -7.500 LPG Vietnam
AAWUW00 98.00/100.00 99.000
LPG Philippines
AAWUX00 959.00961.00 960.000 -7.500 LPG Philippines
AAWUY00 103.00/105.00 104.000


FOB Pressurized Diffs to Saudi CP strip
LPG East China
AAWUZ00 922.00924.00 923.000 -7.500 LPG East China
AAWVA00 66.00/68.00 67.000 -6.000
LPG South China
AAWVB00 922.00924.00 923.000 -7.500 LPG South China
AAWVC00 66.00/68.00 67.000 -6.000
LPG Singapore
AAWVD00 927.00929.00 928.000 -7.500 LPG Singapore
AAWVE00 71.00/73.00 72.000 -6.000
*An average of the first two half-month assessments

Middle East LPG

(PGL page 2776)

Mid Change

FOB Arab Gulf
Diffs to Saudi CP
Propane cargo
PMUDM00 839.00841.00 840.000 +2.000 Propane vs CP
PMABF00 -3.00/-1.00
Propane vs CP M1 (Sep) AAKZA00 -3.00/-1.00
Propane vs CP M2 (Oct) AALAM00 -1.00/1.00
Butane cargo
PMUDR00 859.00861.00 860.000 -3.000 Butane vs CP
PMABG00 -3.00/-1.00
Butane vs CP M1 (Sep) AAKZB00 -3.00/-1.00
Butane vs CP M2 (Oct) AALAN00 -1.00/1.00
Propane CP strip (Japan-Korea)* AAKZC00 841.00843.00 842.000 +2.000
Butane CP strip (Japan-Korea)*
AAKZD00 861.00863.00 862.000 -3.000
Propane CP strip (China-Taiwan)** AAKZE00 836.00838.00 837.000 +3.000
Butane CP strip (China-Taiwan)** AAKZF00 851.00853.00 852.000 +1.000
*loading 20-40 days; **loading 5-15 days

Mid Change


Market Commentary

Asia LPG

(PGL page 2798)

Asia LPG prices ended the week mixed with propane

edging back up to near six-month highs, while butane
eased. The gains in propane Friday were almost in line
with the $1.20/mt rise in front month ICE Brent crude
futures from the previous Asian session. Traders said
the propane market was showing a bit more strength,
prompting the propane/butane spread to narrow to $20/
mt in butanes favor Friday from $25/mt over the past
week. Prices of propane cargoes for delivery along the
Singapore-Japan route 30-45 days forward rose $2/mt
day on day to be assessed at $904/mt, while butane
was assessed down $3/mt over the same period at
$924/mt. Front month propane CP swaps were valued
at $842/mt, down from $840/mt a day earlier. The
market structure flipped to a slight contango of $1/mt
from a backwardation of $2/mt on Thursday. But the
timespread structure between September and October
had traded at flat twice earlier, traders said. The curve
shape is changing, one trader said. The contango
market structure could encourage some buying interest
in the meantime. Buyers could take advantage of
that actually, one trader said, which would then flip
it back to a backwardation. Latest stockpile figures
from Japan LPGas Association for end-July have not yet
been released and are expected next week, an industry
source said. Japans LPG stocks as of June 30 were up
2.04% month on month at 1.95 million mt, improving
from a dip the previous month and extending the
inventory rise seen in March and April. In the physical
market, Totsa offered 22,000 mt of propane for secondhalf September delivery at a premium of $69/mt to


European LPG ($/mt)

(PGL page 1775)

Mid Change



Mid Change

Northwest Europe
FOB Seagoing
CIF 1-3k mt
CIF 7000+ mt
FOB 7000+ mt

PMABB00 759.75760.25
PMAAS00 739.75740.25
PMABH00 794.75795.25
PMAAZ00 809.75810.25
PMABA00 824.75825.25
AAVKH00 801.75802.25

795.000 -5.000
825.000 0.000
802.000 0.000

FOB Seagoing
CIF 1-3k mt
CIF 3000+ mt
FOB 3000+ mt

PMAAL00 819.75820.25
PMAAC00 834.75835.25
PMABI00 839.75840.25
PMAAJ00 864.75865.25
PMAAK00 879.75880.25
AAVKI00 841.75842.25


Western Mediterranean
FOB Ex-Refinery/Storage
FCA Ex-Refinery/Storage*
CIF 7000+ mt

PMABC00 844.75845.25 845.000 0.000 FOB Ex-Ref/Storage PMAAM00 879.75880.25 880.000

PMABJ00 844.75845.25 845.000 0.000
PMABE00 819.75820.25 820.000 0.000

*FCA ARA refers to sales onto railcars and trucks in the Amsterdam-Rotterdam-Antwerp region

Naphtha ($/mt)

LPG Postings ($/mt)



Mid Change
(PGA page 1310 & 1320)

CIF ARA cargo

CIF Med cargo

PAAAL00 934.75935.25 935.000

PAAAH00 926.25926.75 926.500


Northwest Europe Month to Date

Propane cargo
Butane cargo

(PGL page 1775)

(PGL page 2776)

PMUDO00 820.27822.27 821.270

PMUDQ00 829.00831.00 830.000

LPG Shipping ($/mt)




Cargo size Code



(PGL page 1786)

Netherlands Propane
Netherlands Butane

(PGL page 2790)





Algerian Postings

(PGL page 1790)

Mid Change

Propane FOB Seagoing PMUDI00 737.40737.90 737.650

Propane CIF 7000+ mt PMUDK00 806.28806.78 806.530
Middle East Month to Date

Saudi Propane CP (Aug)

Saudi Butane CP (Aug)
Propane FOB Bethouia CP (Aug)
Propane FOB Skikda CP (Aug)
Butane FOB Algeria CP (Aug)

Month to Date Averages ($/mt)

Saudi Contract Postings

20kt AAVKK00 23.00

10kt AAVKJ00 38.00
(PGL page 2786)

Persian Gulf Japan

11-44kt AAPNI00 68.00
Persian Gulf South China LPG
11-44kt AAPNG00 63.00
Persian Gulf East China
11-44kt AAPNH00 66.00
Thailand Guangzhou LPG
AAPNJ00 150.00
Thailand Guangxi LPG
AAPNK00 148.00
Thailand Shantou LPG
AAPNL00 151.00
Japan Shanghai LPG
AAPNM00 100.00
Korea Shanghai LPG
AAPNN00 85.00

Propane swaps


Northwest Europe ($/mt)

Mid Change
(PGL page 1775)

M1 (Sep)
M2 (Oct)
M3 (Nov)

AAHIK00 818.00822.00 820.000 -3.000

AAHIM00 805.00809.00 807.000 -3.000
AAHIO00 805.00809.00 807.000 -3.000

Q1 (Q4 2013)
Q2 (Q1 2014)

AAHIL00 805.00809.00 807.000 -3.000

AAHIN00 778.00782.00 780.000 -3.000

US Gulf Coast ($/barrel)

(PGA page 780)

M1 (Sep)
M2 (Oct)
M3 (Nov)

AAHYX00 112.35112.45 112.400

AAHYY00 112.35112.45 112.400
AAHYZ00 112.35112.45 112.400

Q1 (Q4 2013)
Q2 (Q1 2014)

PMABS00 112.35112.45 112.400

PMABT00 109.95110.05 110.000

Saudi CP ($/mt)

(PPA page 2652)

M1 (Sep)
M2 (Oct)
M3 (Nov)

AAHHG00 841.98842.02 842.000

AAHHH00 842.98843.02 843.000
AAHHI00 842.98843.02 843.000

Q1 (Q4 2013)

AAHHJ00 842.98843.02 843.000


Copyright 2013, McGraw Hill Financial

august 23, 2013

September CP. Other offers came from Gunvor. Astomos

placed a swap spread, offering an evenly split lot and
bidding for a propane cargo. No trades were heard.

Middle East LPG

(PGL page 2799)

The export tender by Irans Petrochemical Commercial

Co. for 33,000 mt of propane and 11,000 mt butane
for second-half September delivery on a CFR basis was
heard awarded to a South Korean trader. However, the
trader said the company was not sure if the tender
had actually been awarded. No details of pricing were
disclosed. PCC last awarded a tender in May -- its
first spot tender for 2013 -- to another South Korean
trader, E1 Corp., for a similar cargo for loading May
15-25, sources said. PCC, Irans biggest exporter of
petrochemical products, sold that cargo at a premium
in the high $40s/mt to the Saudi June CPs for propane
and butane, CFR basis, they added.

West Mediterranean LPG

(PGL page 1797)

The market on both grades ended the working week on

a quiet note. Tight spot availability of Lavera butane over
the balance of August and early September continued to
stifle FOB trade. It remains very quiet, one trader said.
Propane remained firmly in the summer doldrums with
no export requirements from Lavera.

Northwest Europe Propane

(PGL page 1798)

Spot propane cargo prices were unchanged Friday. The

market was a tad more active with demand emerging
again for first half of September tonnes. Bits and
pieces still need to be done, one trading source said.
Stasco was a buyer of 20,600 mt CIF September 7-11
at $825/mt and September quotes flat/mt, but no
deal was reported concluded. Sentiment on the coaster
propane market remained bearish. There was still said
to be unplaced refinery product available and buying



(PGA page 780)





Mont Belvieu non-LST (/gal) Mont Belvieu LST (/gal)
Ethane/propane mix M1
PMUDA05 25.9526.05
26.000 0.000
Ethane/propane mix M2
AAWUB00 25.9526.05
26.000 0.000
Ethane purity M1
PMUDB05 24.7024.80
24.750 -0.250
Ethane purity M2
AAWUC00 24.7024.80
24.750 -0.250
Propane M1
PMAAY00 112.65112.75 112.700 +1.200 Propane M1
PMABQ00 112.05112.15 112.100 +0.850
Propane M2
AAWUD00 112.35112.45 112.400 +0.900 Propane M2
AAWUE00 111.95112.05 112.000 +0.750
Normal butane M1
PMAAI00 140.70140.80 140.750 +1.500 Normal butane
PMABR00 136.45136.55 136.500 0.000
Normal butane M2
AAWUF00 140.90141.00 140.950 +1.500
PMAAB00 140.85140.95 140.900 +1.650 Isobutane
AAIVD00 140.85140.95 140.900 +1.650
Natural gasoline (non-Targa) M1 PMABY05 226.20226.30 226.250 +2.300 Natural gasoline
AAIVF00 227.45227.55 227.500 +2.300
Natural gasoline (non-Targa) M2 AAWUG00 226.95227.05 227.000 +2.400
Natural gasoline (Targa)
PMABW05 226.95227.05 227.000 +2.300

AAXDD00 587.16587.18 587.165 +6.250
Normal butane
AAXDC00 637.59637.61 637.600 +6.795

Conway, Kansas (/gal) Bushton, Kansas (/gal)
Ethane/propane mix
PMAAO00 21.9522.05
PMAAT00 111.15111.25 111.200 +1.950 Propane
AALBE00 111.15111.25 111.200 +1.950
Normal butane
PMAAD00 136.45136.55 136.500 0.000
PMAAA00 141.20141.30 141.250 +0.250
Natural gasoline
PMAAQ00 218.10218.20 218.150 -0.800

The River* (/gal) Hattiesburg pipeline (/gal)
Natural gasoline
AALBG00 234.20234.30 234.250 +2.300 Propane
AALBC00 116.45116.55 116.500 +1.500
Note: Spot prices exclude terminalling; *The River means on barges in various points of Mississippi River in Louisiana.

Waterborne FOB Houston ($/mt)
Waterborne FOB Houston (/gal)
AAXIM00 736.69736.70 736.695 -0.520 Propane
AAXIN00 141.39141.41 141.400 -0.100
Propane vs. Mt Belvieu
AAXIO00 151.08151.10 151.090 -5.210 vs. Mt Belvieu
AAXIP00 28.9529.05
29.000 -1.000

VLGC Freight Rates ($/mt) VLGC Freight Rates (/gal)
Houston to NWE
70.00 Houston to NWE
AAXIR00 13.44
Houston to Japan
193.00 Houston to Japan AAXIT00 37.05

august 23, 2013

interest continued to be confined to either storage

terminals, or petchems at a sharp discount to naphtha.
There were no noteworthy changes to the ARA propane
market with little buying interest seen for spot tonnes.
It is totally unchanged, one trader said. There were
also few signs of any improvement in demand over the
next couple of weeks. No public deals on either the FCA
or FOB markets were reported done.

Northwest Europe Butane

Spot prices for mixed butane cargoes were stronger

Friday as market sentiment turned a bit more bullish
and naphtha moved upwards. Industry sources said spot
North Sea availability now appeared to be fairly tight
over the first half of next month. Stasco was a buyer
of 8,000-10,000 mt of mixed butane CIF Rotterdam
September 1-5 at $875/mt, but no deal was reported
concluded. The coaster butane market was again
characterized by a lack of good quality CIF product
and, yet again, the only prompt tonnes available were
poorer grade product. Although there were no public
trades reported, sources said the lack of availability was
supporting spot prices. There was limited activity on
the ARA butane market. According to trading sources,
there was still buying interest for spot tonnes from both
the petchem and MTBE sectors plus potential blending

NYMEX Futures
Platts Futures Assessments 3:15 pm ET*


Volume 35 / Issue 166 / August 23, 2013

Editorial: Esa Ramasamy, Editorial Director, Americas Oil: +1-713-658-3292, Matt Cook, Senior Managing Editor, Americas Clean Products +1-713-658-3208,
Sharmilpal Kaur, Associate Editorial Director, Americas PFC, Crude and Residual Fuel +1-713-655-2270
Client services information: North America: +1 800-PLATTS8 (+1-800-752-8878); direct: +1-212-904-3070 Europe & Middle East: +44-20-7176-6111
Asian Pacific: +65-6530-6430 Latin America: +54-11-4121-4810, E-mail:
Copyright 2013 McGraw Hill Financial. All rights reserved. No portion of this publication may be photocopied, reproduced, retransmitted, put into a computer system
or otherwise redistributed without prior written authorization from Platts. Platts is a trademark of McGraw Hill Financial. Information has been obtained from sources
believed reliable. However, because of the possibility of human or mechanical error by sources, McGraw Hill Financial or others, McGraw Hill Financial does not
guarantee the accuracy, adequacy or completeness of any such information and is not responsible for any errors or omissions or for results obtained from use of such
information. See back of publication invoice for complete terms and conditions.

Copyright 2013, McGraw Hill Financial

(PGL page 1799)

(PGA page 703)

Light sweet crude (Oct)
NYCRM01 106.39
Light sweet crude (Nov)
NYCRM02 105.71
Light sweet crude (Dec)
NYCRM03 104.52
Futures Settlement

(PGA page 702)

Natural gas (Sep)
AACMZ00 3.49

Light sweet crude (Nov)
AASCS00 105.11
* These assessments reflect prevailing futures value exactly at 3:15 pm ET.
However, on the business day preceding the following holidays these assessments reflect the value of futures at precisely 1:30 pm ET: Christmas Day, New
Years Day, Fourth of July, and Thanksgiving Day.


demand. But refinery availability over the rest of August

remained sparse. There is not much product around,
a trading source said, adding It [the market] is looking
stronger. Dow was reported to have a sold a CIF barge

US Gulf Coast

(PGA page 799)

Gulf Coast NGLs were again mixed Friday, with the

lighter part of the barrel again falling, but the heavier
products strengthening on gasoline strength and diluent
demand for Canadian oil sand production. Natural
gasoline was assessed at $2.2625/gal, a rise of 2.30
cents compared with Thursdays mark. During the
Platts Market on Close assessment process, a total of
125,000 barrels changed hands, with four 25,000-barrel
parcels trading at $2.2650/gal and the last parcel
going through at $2.2625/gal. Mont Belvieu [natural
gasoline] is on fire, figuratively, a Gulf Coast NGL
trader said. Its bidweek, and theres diluent demand
from the north I think, another trader said. Gulf Coast
natural gasoline gained 6.30 cents on the week or 3%.
Propane was assessed 1.2 cents stronger at $1.1270/
gal, but fell relative to crude. The propane assessment
put it at 44.43% of the NYMEX front-month contract,
slightly lower than on Thursday. I think this market is
a bit overdone and [Im] expecting a market correction

on the back of profit-taking ... some time soon, a

Gulf Coast source said. The FOB Houston propane
differential was assessed 1 cent/gal lower at 29 cents/
gal over the Mont Belvieu propane assessment as US
prices continued to rise, narrowing the international
arbitrage. Meanwhile, Exxon was heard to be offering an
FOB September propane cargo next week. Exxon sold a
July cargo to Total, who resold it to Trafigura, according
to a source. The Exxon to Total deal was done at Mont
Belvieu plus 59 cents/gal CFR Flushing, according to the
source. Ethane was assessed at 24.75 cents/gal, 25
points lower as a technical move downward in natural
gas pushed down the ethane price floor. Butane prices
continued to rise, with normal butane assessed 1.5
cents higher at $1.4075/gal.


(PGA page 100)

Japan to see average or above-average

temperatures Aug 24-Sep 23: JMA
Most regions across Japan are likely to see average or
above-average temperatures over August 24-September
23, according to a forecast released Friday by the
Japan Meteorological Agency. Japan is in the middle of
summer, when weather has an impact on demand for

European LPG Weekly Averages, August 23, 2013 ($/mt)

Northwest Europe
FOB Seagoing
CIF 1-3k mt
CIF 7000+ mt
FOB 7000+ mt





(PGL page 1776)


Butane Mid

FOB Seagoing
CIF 1-3k mt
CIF 3000+ mt
FOB 3000+ mt

AABEO00 798.950799.450 799.200

AABEP00 802.350802.850 802.600
AABEQ00 807.350807.850 807.600
AABER00 844.550845.050 844.800
AABES00 862.350862.850 862.600
AAVKI04 824.350824.850 824.600

FOB Ex-Ref/Storage

AABET00 857.750858.250 858.000

Western Mediterranean
FOB Ex-Refinery/Storage
FCA Ex-Refinery/Storage*
CIF 7000+ mt

841.550842.050 841.800
AABFA00 841.550842.050 841.800
AABFB00 816.550817.050 816.800

*FCA ARA refers to sales onto railcars and trucks in the Amsterdam-Rotterdam-Antwerp region

Copyright 2013, McGraw Hill Financial

august 23, 2013

crude, fuel oil, LPG and LNG used for thermal power
generation as well as on demand for motor fuel. Power
demand normally peaks over July-September while
motor fuel demand peaks in July and August during
the countrys summer driving season. JMA said eight
of the countrys 12 regions will likely have average
temperatures or above 30-year average temperatures
for the month to September 23. The regions span from
Hokkaido in the north to Amami in the southwest. The
remaining four regions of Kanto/Koshin, which includes
Tokyo in the east, Tokai in central Japan, Hokuriku in the
northwest and Okinawa in the southwest, are forecast
to experience above-average temperatures during the

PetroChina sees shale accounting for

one-fifth of gas output
Chinese state-owned PetroChina expects shale gas
to ultimately account for about 20% of its total gas
production and is now progressing plans to accelerate
its domestic resources. Speaking at a press conference
to discuss its interim results Thursday, company
president Wang Dongjin said its total unconventional
gas production is forecast to reach 27.8 billion cubic
meters/year (2.7 Bcf/d) by 2015. This volume would
include tight gas, coalbed methane and shale gas, which
is expected to reach 1.5 Bcm/year by 2015. This would
be up from 10.6 Bcm (1.8 Bcf/d) of unconventional
gas production in the first half of this year, Wang said.
PetroChina reported total domestic gas production of
1.4 Tcf for the first half, translating to 6.6 Bcf/d, an
8.1% year on year increase. Wang said PetroChina is
now focusing on three core shale gas areas spanning
10,000 sq km in central China, with geological
in-place reserves of about 4 Tcm, of which a quarter is
estimated to be recoverable. A pilot production phase
has achieved output of 150,000 cu m/day, with another
well in Sichuan currently producing 430,000 cu m/day


company recorded operating profit of Yuan 21.9 billion

($3.6 billion) in its natural gas segment, rising from
just Yuan 1.6 billion in the first half of 2012. However
it continued to report losses totaling some Yuan 23.5
billion on natural gas imports. Its losses on Central
Asian gas sales -- primarily from Turkmenistan -- totaled
Yuan 15.9 billion while imported LNG sales resulted
in losses of Yuan 11.6 billion. Management said it
would work towards optimizing its natural gas segment
following the introduction of a new pricing mechanism
last month by the government. On July 10 the central
government raised gas prices to non-residential gas
which resulted in the average citygate price -- or the
delivered wholesale price of gas to each region -- rising
by Yuan 0.26/cu m or 15.4% to Yuan 1.95/cu m
($8.90/MMBtu). The government also introduced a new
two-tier system for gas prices by differentiating between
first tier existing supply using 2012 consumption of 112
Bcm, and a second tier of incremental supply, expected
at 11 Bcm this year. Incremental gas supply prices is
now pegged to 85% of the average H2 2012 basket

of fuel oil and LPG prices in a 60:40 ratio. Wang said

based on the new structure, PetroChinas gas prices
for existing base supply rose by an average Yuan 0.18/
cu m while prices for incremental supplies rose by Yuan
0.97/cu m, with the overall hike in its prices averaging
Yuan 0.25/cu m. He added that the company expects
to see an additional Yuan 20 billion in profit per year
starting from 2014 as a result of these higher prices.

Marcellus well backlog grows in Pa.,

but production grows more: Barclays
The number of backlogged wells in Pennsylvanias
Marcellus Shale grew even as the number of rigs
working the play dropped, Barclays Bank said Friday,
setting the stage of another year of explosive production
growth. Using data from the Pennsylvania Department
of Environmental Protection and Platts Bentek unit,
Barclays said the number of wells awaiting completion
or a pipeline grew 8% to 1,546 in the first half of this
year when compared with the last half of 2012. With

Copyright 2013, McGraw Hill Financial

august 23, 2013

Subscriber notes

(PGA page 1500)

Due to a national holiday in the UK there will be no

market commentary or price assessments for the West
Mediterranean or Northwest Europe on Monday, 26th

more than 1,500 wells in the backlog, if all wells in the

backlog were brought online within a year, production
growth could exceed the growth experienced in 2012,
Barclays analyst Shiyang Wang said in a note to clients.
Wang said she expects production from the Utica and
Marcellus shales to grow another 46%, 3.6 Bcf/d, this
year to 11.44 Bcf/d and another 29%, 3.3 Bcf/d, in
2014. DEP production data, released twice a year,
indicated that Pennsylvanias Marcellus gas production
grew 58% from first-half 2012 to first-half 2013. Given
the infrastructure expansions that we are expecting to
see in the Marcellus, we believe that production growth
in the Marcellus should outpace last years level, Wang

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