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Repeat of 2000-01 opportunistic gas drilling unlikely

12/16/2002
The arctic express that blitzkrieged much of the eastern and southern US the first week of December serves as a reminder of how energy commodity prices are beholden to such short-term phenomena as weather and geopolitics.But it must be remembered that the sudden spikes in natural gas prices from an unusual onslaught of cold weather feature a relative magnitude. A spike of 10% has a greater impact on the market when gas prices are at $4/MMbtu than one at $2/MMbtu. Sustaining gas prices at $4-5/MMbtu for an extended period can mean all the difference in capital spending decisions (which can trigger enough opportunistic drilling to turn the market back down), fuel-switching, and buying LNG s...
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