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Something definitely seems rotten in The Kingdom of Denmark with respect to the price of oil but I guess the market knows best. What that knowledge is, I don't know.

If anything it's surprising the price of natural gas hasn't gone higher considering ~20% of the supply is going to be inconsistent for 2+ years.

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How can it go higher if exports are limited by liquefaction capacity which is already being expanded at the fastest pace technically possible and won't expand any faster in any case? US is the world's by far biggest producer, already world's largest net exporter (narrowly though), and sits on a massive natural gas glut which it can't physically export until very long lead time items are produced and put in place. So natgas prices are bound to remain low in the US no matter what.

For natural gas it's 20% of seaborne gas, traded LNG but it's only 2 or 3% of all methane gas which is often used locally and moved via pipelines.

Though obviously has bigger impacts on the places that did rely on LNG because they didn't have (enough) local pipeline gas.

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