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Natural gas output hit a record for a third-straight month.

US NatGas Production

U.S. natural gas production climbed to a record high for a third-straight month in November, according to the Energy Information Administration. Output hit 73.88 bcf/d, an increase of 0.4 bcf/d from the previous month. On a year-over-year basis, production was up 1.42 bcf/d, or 2%, from a year ago.

Associated natural gas -- gas that is a byproduct of drilling for crude oil and other liquids -- continues to grow swiftly. Barring a slowdown in oil drilling, natural gas output is likely to trend higher, capping prices below $4.