SLOW CLIMB

摘要

Nobody expects $50 to be here for the long run. But step-change technologies have a way of throwing commodity prices for a loop, as did the application of multi-frac technology to shale rock. In the microcosm of North America, it unleashed a glut of natural gas that squeezed the margins out of continental gas prices to this day. In the initial years, analysts never tired of calling for a firming in gas prices within 12-18 months. But that recovery never came—at least not to the $5 or $6/mcf range everybody wanted.