The combination of relatively soft weather-driven demand and record production put the U.S. natural gas market on a path to price-pressuring oversupply well into 2024, a growing chorus of analysts cautioned in November.

“We are bearish on U.S. natural gas,” Goldman Sachs Group’s Samantha Dart said bluntly.

First things first: U.S. production reached record levels around 106 Bcf/d at points in November. It remains elevated and consistently near or atop 105 Bcf/d, according to both Bloomberg and Wood Mackenzie estimates.  

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