Thematic: What Happens in Gas Vegas Stays in Golden Pass (US Natgas 2024)

We have argued for several years that Saudi/OPEC oil production cuts are bearish for US natgas prices, as they encourage US Permian players to grow oil supply, with attendant associated “free” natgas and natural gas liquids (NGL) production. With oil price economics at $70/bbl still justifying aggressive activity/growth in major US oil basins, vast quantities of natural gas are produced as a by-product. Excess gas supply in the Permian has led to the start up …

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