These companies flooded the market in recent years and have effectively become the swing producers in the newly global market for U.S. shale gas. Their reticence to chase rising prices is supporting the market. But by keeping gas in the ground, they risk missing out on a rare period of climbing prices that could quickly reverse. “Given the way the world is now, you’re more likely to see producers respond to weak pricing rather than a response to strong pricing,” said Anna Lenzmeier, who studies Northeastern gas markets for BTU Analytics, a Lakewood, Colo., research firm. Workers prepare to complete a CNX well. Photo: Ross Mantle for The Wall Street Journal Producers operating where Pennsylvania, Ohio and West Virginia meet—a region that includes some of the most prolific wells ever drilled—have become particularly responsive to price swings, Ms. Lenzmeier said. The huge volumes of fuel that they can bring […]