Natural Gas Glut Begins to Shrink

Posted on May 6th, 2011 in Uncategorized | Comments Off on Natural Gas Glut Begins to Shrink

A global natural gas glut is disappearing sooner than expected, thanks to rebounding economies and troubles in Japan and the Middle East, panelists said at the Offshore Technology Conference on Wednesday.

The global recession, combined with a surge in natural gas production from prolific shale formations in the United States, sent supplies of the blue-burning fuel soaring and prices plummeting beginning in late 2008.

Some of that supply-demand imbalance had reversed as economies started to recover, but the pace has picked up, said Rafael McDonald, an associate director with research firm IHS-CERA… read more on RigZone.com