“Just when you thought things couldn’t get much worse, well, they did,” said Thomas Watters, managing director of S&P Global Ratings, in a recent midstream outlook webcast.

“Prices have been getting hammered due to mild weather patterns and oversupply conditions,” Watters continued. “Now, of course, we have fears of a global pandemic and a possible global recession.”

Overbuild is a concern, too.

“You’ve got export markets that are pretty much drying up—we hope temporarily—and production growth rates that are going to look like difficult to achieve at this point,” he said. 

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