Natural Gas Demand Exceeds Supply - Mar 6
Posted: Wed Mar 06, 2024 9:29 am
HFI Research
Natural gas prices have staged a remarkable recovery since bottoming around ~$1.5/MMBtu. Chesapeake Energy was the first US gas producer to announce a sizable production cut (~0.73 Bcf/d), and just yesterday, EQT joined the gang with a production cut of ~1 Bcf/d for March.
As the old commodity adage goes, "Low prices cure low prices." Lower 48 gas production as of today is running around ~101 Bcf/d, a remarkable decline since hitting ~105 Bcf/d just last month.
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My forecasts are based on HH ngas averaging $2.00 in Q1 and Q2, $2.50 in Q3 and $2.75 in Q4
Natural gas prices have staged a remarkable recovery since bottoming around ~$1.5/MMBtu. Chesapeake Energy was the first US gas producer to announce a sizable production cut (~0.73 Bcf/d), and just yesterday, EQT joined the gang with a production cut of ~1 Bcf/d for March.
As the old commodity adage goes, "Low prices cure low prices." Lower 48 gas production as of today is running around ~101 Bcf/d, a remarkable decline since hitting ~105 Bcf/d just last month.
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My forecasts are based on HH ngas averaging $2.00 in Q1 and Q2, $2.50 in Q3 and $2.75 in Q4