The U.S. natural gas market is bursting at the seams. So much natural gas is being produced that soon there may be nowhere left to put the country's swelling surplus.
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After years of explosive growth, natural gas producers are retrenching. The underground salt caverns and depleted oil fields that store natural gas are rapidly filling up after a balmy winter depressed demand for home heating. The glut has benefited businesses and homeowners that use natural gas. But with natural gas prices at a 10-year low - and falling - companies that produce the fuel are becoming victims of their drilling successes. Their stock prices are falling in anticipation of declining profits and scaled-back growth plans. Some of the nation's biggest natural gas producers, including Chesapeake Energy, ConocoPhillips and Encana Corp., have announced plans to slow down.
COPY:
After years of explosive growth, natural gas producers are retrenching. The underground salt caverns and depleted oil fields that store natural gas are rapidly filling up after a balmy winter depressed demand for home heating. The glut has benefited businesses and homeowners that use natural gas. But with natural gas prices at a 10-year low - and falling - companies that produce the fuel are becoming victims of their drilling successes. Their stock prices are falling in anticipation of declining profits and scaled-back growth plans. Some of the nation's biggest natural gas producers, including Chesapeake Energy, ConocoPhillips and Encana Corp., have announced plans to slow down.
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