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What the demand surface reveals about coal-gas competition
Why gas-price elasticity is gone on low-demand days, and why more granular analysis shows underlying structural strength
May 19
8
Coal gas competition is changing, but the standard view doesn't see it
In the shale era, gas has taken 17 Bcfd of market share from coal in power generation, driven by both coal retirements and falling gas prices.
May 12
•
Amber McCullagh
14
Range Resources: Great rocks, no good options to bulk up
Why scale matters in Appalachia, and why Range's best path probably runs through EQT or Expand
May 5
•
Amber McCullagh
10
2
April 2026
Not as loose as it looks
How the record 2026 solar buildout is biasing the weekly supply-demand balance — and how that effect will change through the year
Apr 28
•
Amber McCullagh
9
The weekly supply-demand balance's blind spot
Rising gas-fired generation is breaking backward-looking models
Apr 21
10
The coming intra-Appalachia price disconnect
New Ohio demand sources gas downstream of existing constraints, creating intra-basin opportunity
Apr 14
•
Amber McCullagh
12
Collars aren't costless
In a right-skewed gas market, selling calls gives away too much value
Apr 7
•
Amber McCullagh
15
March 2026
The five most interesting things from 4Q earnings season
Why Houston is like Los Angeles, why I don't see $0.20 in marketing for Expand, the coming Ohio gas shortfall, and more
Mar 31
•
Amber McCullagh
11
Was I wrong to be bearish on US LNG?
Reassessing US LNG in light of the war in Iran
Mar 24
•
Amber McCullagh
12
Four Northeast pipelines, four related challenges
Why filling spare western Appalachia takeaway is a multi-year story
Mar 17
•
Amber McCullagh
10
All these Permian pipelines are not going to fill with associated gas
The Permian is either going to become a gas play or be overbuilt
Mar 10
12
How much can Northeast gas production grow?
Rising demand and underutilized takeaway point to 4 Bcfd of growth over the next five years
Mar 3
•
Amber McCullagh
12
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