The rapid collapse of U.S. oil futures on Monday caused crude's premium over natural gas to turn into a deficit for the first time ever.
The rapid collapse of U.S. oil futures on Monday caused crude’s premium over natural gas to turn into a deficit for the first time ever.
For now, however, both oil and gas prices have plunged as the coronavirus causes energy demand to vanish as offices close and factories run at reduced capacities. Over the past several years, U.S. energy firms have focused their drilling on finding more oil in part because crude was much more valuable than gas.
Now that crude prices have dropped, analysts expect U.S. producers to cut oil drilling in shale basins, which should make output from gas wells in other basins, like the Marcellus and Utica in Pennsylvania, West Virginia and Ohio, more valuable.
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