The tremendous growth in shale production here in the U.S. has led to some unintended consequences, negative natural gas prices. While some may question whether you can actually have negative prices for a physical commodity, the fact is that natural gas must be piped out(if not flared) and in the absence of a strong incentive for pipeline infrastructure i.e. prices that cover transport costs to a willing end market, prices can swing negative. While it is estimated that over 600MMcfd will be flared during this quarter, a new record, the negative price action we see here is indicative of what it would cost producers to pay for transportation of the product out of the permian. Producing a product for which you pay others to take it away, seems like the negative rate mentality is leaking into other parts of the real economy.