Shale drillers have extracted so much gas for several months, its supply is overwhelmingly more than its demand.
In the last week, prices dropped briefly below USD 2/million British thermal units for the first time since 2016. It traded below the threshold once again this week. At a level like this, U.S. producers plainly cannot make money. It’s forcing a wave of multibillion-dollar layoffs, spending cuts, and write-downs.
....Tags : U.S, Natural Gas, Market, Industry, News,
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