Chesapeake Energy Corp (CHK)

[Crusen]

Gas goes through seasonal cycles on a sine curve. Winter is always higher....gas next year is forecast at a significantly lower annual average than 2017.

Dry natural gas production is forecast to average 80.4 billion cubic feet per day (Bcf/d) in 2018, a 6.9 Bcf/d increase from the 2017 level, which would be the highest year-over-year increase on record. Forecast dry natural gas production increases by an average of 2.6 Bcf/d in 2019.
Henry Hub natural gas spot prices are forecast to average $2.88 per million British thermal units (MMBtu) in 2018 and $2.92/MMBtu in 2019, compared with the 2017 average of $2.99/MMBtu. EIA’s forecast for the average Henry Hub price for December 2018 of $3.04/MMBtu should be considered in the context of NYMEX contract values for December 2018 delivery. NYMEX contract values traded during the five-day period ending January 4 suggest that a range of $1.83/MMBtu to $4.89/MMBtu encompasses the market expectation for Henry Hub prices in December 2018 at the 95% confidence level.

https://www.eia.gov/outlooks/steo/