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Measured Depth

Amber McCullagh

A Substack providing independent, data-driven analysis of North American natural gas markets

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Latest Issues

New England should want more LNG, not pipeline expansions

A 365-day solution is too expensive for a 25-day problem

Every winter, high natural gas prices in New England become a favorite industry talking point: how bananas it is that people so close to prolific Appalachian gas supplies pay some of...

8 days ago
12
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Measured Depth at mid-year

Happy (belated) 4th of July to all who celebrate! In honor of the long weekend and America’s 250th birthday — which I’m celebrating with my family in a national park — I wanted to step back from power generation and Permian production forec...

15 days ago
13

The last throes of sub-zero Waha

Permian gas production will keep growing, but it'll take gas-focused activity to fill all this new takeaway capacity

Over the five-year period from the third quarter of 2021 to the third quarter of 2026, only ~4.3 Bcfd of new Permian takea...

22 days ago
10
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How much Permian gas is curtailed right now?

Answering the most important question in the market first requires understanding where we are today

The pace of Permian pipeline capacity under construction is unprecedented — but so too are Waha prices this spring, suggesting excessive cu...

a month ago
10
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1Q26 earnings: The growing power-backed pipeline project queue

What TC's Appalachia Supply Project likely looks like, and where gas to feed DTM's MIST could come from

This is the third in a series digging into the most interesting topics from 1Q26 earnings season. Last week, I covered Antero’s continu...

a month ago
12
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