Appalachian Basin pure-play Antero Resources Co. is betting on continued high natural gas prices, driven by a “structural shift” in the relationship between U.S. prices and storage levels, CEO Paul Rady said Thursday.

appy

“The primary driver behind this shift is the supply side,” Rady told analysts during a call to discuss first quarter earnings. He cited “limited access to capital, limits on infrastructure buildout, and also supply chain constraints that limit production growth” as impediments to growing supply and filling storage capacity ahead of the 2022-2023 winter.

Other bullish pricing factors include upstream inventory exhaustion, continued liquefied natural gas (LNG) export growth and low global storage levels, Rady said. “We believe this bodes well for...