The market continues to be defined by strong fundamentals and weak weather. Assuming normal weather, watch for a price rally in Q4, toward $3.25/mmbtu. But strong supply growth in 2018 will put downward pressure on prices, driven by a continued drilling recovery, especially in the Permian, where there is initial evidence of higher possible gas-to-oil ratios; a Northeast supply response to growing pipeline completions; and a recovery in the Montney. Demand in 2018 is weakened off the back of Cameron LNG's delay. In 2019, weakening global markets will mean to LNG shut-ins, but prices will stabilize at a range that is competitive with US power generation, leading to volatile flows and demand levels but stable prices.