About five years ago, when natural gas prices continued to linger at historic lows, I was one of many who predicted a quick return to the volatility once synonymous with the natural gas market.
Today’s unflappable, low-priced environment is a stark contrast to the Wild West exploration and production market of the past.
It wasn’t unusual for natural gas prices to spike from $2 per million Btu (MMBtu) to $14 per MMBtu in a matter of months. Drilling rigs would be deployed en masse, supplies would slowly replenish and prices would drop. The boom-bust cycle would be repeated for several decades.
