RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Phil Hodge and Team I have no idea how low PNE or other gas stocks will go. What we do know is:
1) Nat Gas consumption is growing with AI and Data center growth.
2) Air Con load is growing at summers get hotter. Warm winters have less heating days hence demand declines.
3) Nat Gas production in US is growing as associated gas on oil wells continuous to grow. Older fields become more gassy with passage of time
4) Canadian companies had drilled anticipating uptake for LNG.
who knows when it will turn. But turn it will. It is a supply demand issue and storage movements dictate where it's going. I anticipate it gets worse before it gets better.
companies will struggle with debt and lack of cash flow. Drilling will decline and inventories will eventually swing back towards the mean.
But we should also see a correlation between TTF and JKM with AECO price. Something we have never had before because our only customer was US. In the future our gas has a more flexible customer profile.
PNE will weather the storm. When catalysts for change start to take hold it will be time to ride the AECO tourqued stocks back up.
I d hope for 2025 but I think there will need to be more pain before the turn. Maybe more likely 1 year after LNG Canada starts. Hence 2026