Name: Low prices are the cure to low natural gas prices
Brand: Wood Mackenzie
SKU: 151841
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Author: Wood Mackenzie

Insight 27 March 2023

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Henry Hub prices have collapsed and are approaching $2/mmbtu after nearing double digits just last fall. A large storage deficit due to previously muted supply and demand responses to higher prices have turned upside down in a hurry. A mild winter weather, record US gas production and the extended Freeport LNG outage have now resulted in a sizable storage surplus. A demand response is already occurring from higher gas-fired power generation at low gas prices. However, a supply response is also necessary to avoid US gas storage containment this summer injection season and in 2024. In this insight, we explore the following key questions: _Operators are slowing down drilling activity in the Haynesville and Northeast, will more be needed? -Will the forward curve’s steep price contango promote deferred well completions until higher prices arise? -How low do prices need to go for operators to instigate wellhead economic shut-ins?</div>
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<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >US Supply Downside Insight.pdf</p>
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