North America gas weekly update: Alpine High revival

Price matters. Higher gas prices in the Permian are resulting in Alpine High production to be revived. Elsewhere, the large contango in the NYMEX gas contracts are resulting in producers to contemplate reducing output during the summer and ramping it back up to take advantage of higher winter pricing. More oil production shut-ins are concurrently being announced as storage containment due to significant coronavirus demand losses are looming. Near-term gas production levels may be further reduced as a result before they are restored as oil prices hopefully recover through gradually re-opening of global economies and the significant production cuts underway.