US gas producers seen facing slump now, constraints later

The US natural gas industry will be hammered by low commodity prices this winter because of a recession that some producers believe is worse than the government will admit.But even with the near-term slump, the gas industry nevertheless faces serious supply constraints through 2007, two executives with top US independent producers told the annual meeting of the International Association of Drilling Contractors in New Orleans late last month.Recession's effectsAt the moment, the US gas market is oversupplied as a result of a 1 bcfd supply growth and 3 bcfd demand loss, said Mark Papa, chairman and CEO of EOG Resources Inc., Houston."What we're in today is clearly the most severe in...

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