Measured Depth
Amber McCullaghA Substack providing independent, data-driven analysis of North American natural gas markets
| Platform |  | Pricing | Freemium | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 38 | Founded | a year ago | Last Issue | 8 days ago |
| Active | |||||
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measureddepth.comLatest Issues
1Q26 earnings: Midstream operators don't expect Permian takeaway capacity to fill
So why is the market suddenly so bullish on Permian gas growth?
Last quarter, I wrote a “five most interesting things” wrap-up of earnings season, but 1Q26 earnings season raised bigger questions that I thought warranted more comprehensive...
In 2026, Constitution alone doesn't solve anyone's problems
Accessing constrained markets requires building an even more difficult downstream project
Ten years after I last wrote about it in detail, Constitution Pipeline is still making headlines, and I’m still getting asked about it. My high-level...
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
Disentangling structural from seasonal factors in power generation is both harder and more important than ever. In the...
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. But now those drivers are reversing — coal retirements are winding down, and gas prices are risin...
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
Nine publicly traded producers remain in Appalachia, and while EQT and Expand operate twice as much as any of the others, they don’t yet trade a...
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