The North American natural gas market was hit by a tsunami over the past year.
- First of all, the milder temperatures in winter 2019–2020 drove natural gas prices to historically low levels, forcing a majority of gas producers to reduce capital expenditures and thus minimize the impact of the decrease in revenues on their balance sheet.
- Next came a pandemic that led to a sharp slowdown in the global economy spurred by a collapse in demand and prices for petroleum products. In the United States, more than elsewhere, oil production fell sharply, causing a drop in natural gas production.