Surging demand and constrained supply have pushed key gas and LNG benchmarks to multi-year highs. Prices now sit well above what can be anchored by fundamentals, which poses a downside risk, according to analysis from Morgan Stanley. At the same time, winter heating season lies ahead, and inventories are low, which leaves room for further upside price volatility. Just over a year ago, in May 2020, the global gas market was facing extreme oversupply. Prices had fallen to $2/MMbtu or lower across key global benchmarks, near historic lows that fully eliminated regional price spreads for the first time in decades. Since ... (full story)