1940s 'Pugh Clause' Behind New Shale Surge Keeps Supply Robust

摘要

By now, the low, roughly $4.50/MMBtu North American gas prices that have prevailed in the wake of the US shale gas surge-which took output from near zero to 8% of total US gas production over the last three years or so - were supposed to be pulling the country's total output back down again.Instead, shale gas production levels and rig counts have suddenly shot back up in the last few weeks and months, particularly in the giant Marcellus and Haynesville shale production areas, reviving fears of a storage glut that have been held in check only by unusually hot weather and forecasts for production-halting hurricanes.