what’s going on?
Natural Gas is Global
If you thought inventories in North America looked a little tight, it is nothing compared to Europe.
EUROPE COULD SUFFER THE WORST
The Third Leg: Discipline
Some of this is structural. In the Marcellus/Utica, you just can’t get the gas out. Even if they wanted to, producers can’t produce any more:
The same kind of discipline is happening with associated gas (natural gas from oil reserves) – the rigs counts aren’t recovering: