RexRex unfortunately huge problem in natural gas, too much natural gas in inventory everywhere.
The situation in Europe is really bad, some countries like Spain are full and they were buying Russia LNG alot. So with Europe filling up, this will pressure Asia LNG prices next and market will flood there after Europe is full.
This natural gas glut everywhere until Nov, is not going to be helpful to oil prices. In petrochemicals demand subsidution will take place from oil to NG.
Covid just slowed down the development of the good shale plays like Monty and Permain, supply will hum along quite high in north america with every company running normalized drilling programs.
It's really wierd right now, Europe is in a heat wave and yet their NG injections are very high, like 9-12 BCF a day here in July.
Another source of revenue for Russia is about to get very weak as Russia LNG revenue is going to tank very soon when Asia LNG prices go down in the ouversupply.
Putin's gamble with NG failed miserably.