High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year

Natural gas production is set for a significant increase over the next year thanks to the current imbalance between demand and supply, which has pushed prices to record highs, Reuters’ John Kemp reports, citing energy traders. Meanwhile, however, gas supply for this winter season will be tight, Kemp also said, adding that as a result and in anticipation of next year’s supply recovery, Henry Hub futures had swung into a backwardation, with contracts for delivery in January 2023 round $1.15 per mmBtu lower than contracts for delivery…