North American natural gas prices dropped dramatically in 2023 as producers maintained robust production levels, inventories grew and international markets found more balance after Russia invaded Ukraine. Read what NGI analysts learned during 3Q2023 earnings season and how they view supply and demand trends moving forward.

  • EQT Corp. (EQT): The marginal molecule of U.S. natural gas supply is coming from the Haynesville Shale, requiring a natural gas price of $3.50/MMBtu “to even begin generating cash flow in maintenance mode.” That’s certainly in line with what BTU Analytics LLC is thinking, as they currently peg the natural gas breakeven price in the Haynesville at $3.456/MMbtu. Shorter term, however, the breakeven may be quite a bit less than that. Why? Because the backlog...