Natural Gas Price Plunge Could Soon Lead To Shut-Ins

Natural gas prices plunged to new lows this week, falling below $1.50/MMBtu, a catastrophically low price for U.S. gas drillers.  The factors afflicting the gas market are multiple. Prices had already fallen below $2/MMBtu at the start of 2020, weighed down by oversupply. But it wasn’t a problem confined to the U.S. There was also a global glut of LNG due to a wave of capacity additions in 2019.   That was the situation heading into 2020. But just as the Covid-19 pandemic tore apart the oil market, natural gas also went into…