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Global ‘Gasmaggedon’ Leaves U.S. Midwest as Last Hope, BofA Says

  • Prices may have to fall enough to displace coal-fired power
  • Exports from Australia to the U.S. are flooding the market
A pilot gas well operates in Australia.
Photographer: Bloomberg Creative Photos/Bloomberg

The last hope for U.S. natural gas exporters facing “gasmaggedon” from a crushing worldwide glut may be Midwest power plants, according to Bank of America Corp.

Soaring gas output from Australia to North America is inundating the global market, while ballooning European stockpiles and an expected drop-off in demand from China are dimming the outlook for consumption.