American Oil and Gas Reporter - May 2020 - 34
Strengthening Prices,
Improving Fundamentals
In Store For Natural Gas Market
Although the past decade has been largely about tight oil, the first
several chapters of the U.S. shale story were written at the turn of the
century in dry gas plays such as the Barnett and Fayetteville, gradually
expanding to the Marcellus/Utica, Haynesville and dry gas windows of
others. With the global oil market situation, some domestic producers
already are pivoting back to natural gas.
To get an expert perspective on the state of the U.S. gas market,
AOGR met with Andy Weissman on April 27. Weissman is chief executive
officer of EBW Analytics Group LLC in Washington, which provides
energy market analytical services. Weissman has provided strategic
advice to industry-leading energy firms for more than three decades and
has played a key role in developing innovative structures for major
energy transactions, and transforming state and federal energy and environmental policy. He is a graduate of Harvard Law School.
Q: The economic decimation related to COVID-19 is unlike anything
the world has ever seen. For natural gas, the overriding concern is collapsing demand. In oil markets, demand destruction is only part of the
story. In early March, Saudi Arabia and Russia launched an ill-timed
price war that further undercut prices. When some sort of normalcy
returns, what will the net effect have been on U.S. oil and gas markets?
WEISSMAN: I believe the events of today will dramatically reshape the
gas market. The explosion in tight oil development during the past decade has
resulted in huge increases in essentially "free" associated gas production. This
has had major structural effects on the market, which tended to be oversupplied
because so much incremental gas production was coming from tight oil plays.
Even when gas prices declined, associated gas from oil plays continued to
grow rapidly, exacerbating the supply glut. Going forward, we see chronic
oversupply changing in a profound way.
34 THE AMERICAN OIL & GAS REPORTER
American Oil and Gas Reporter - May 2020
Table of Contents for the Digital Edition of American Oil and Gas Reporter - May 2020
Contents
American Oil and Gas Reporter - May 2020 - Intro
American Oil and Gas Reporter - May 2020 - 1
American Oil and Gas Reporter - May 2020 - 2
American Oil and Gas Reporter - May 2020 - Contents
American Oil and Gas Reporter - May 2020 - 4
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