Why is NatGas Price Stubbornly Low Even with Less Oil Production?

The received wisdom has been that with the oil markets getting whacked by the Saudis, the Russians, and the virus, and with new drilling scaled back and oil wells in the Permian, Bakken, Eagle Ford and other oil plays being shut-in, far less “associated gas” would be produced, leading to tighter natgas supplies further leading to higher prices for natgas (benefitting the Marcellus/Utica). But the price of natgas has remained at a 25-year low. What the heck is going on?

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