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Bernstein Midstream speculates that the additional pipeline projects will bring the 2021 WTI-Brent differentials to less than $4 a barrel, which is way below the current curve of $6.50.
Natural gas demand could be displaced by 1.2 Bcf/d to 1.4 Bcf/d if all of the anticipated renewable projects come online and run at 100% capacity in the next two years, according to a Drillinginfo report.
While non-hydro renewable-derived electricity’s share of the power grid has grown, natural gas’ share is growing by more—and as power demand itself has risen.