Natural Gas - Is the Supply Narrative Starting to Crack?

Been watching natural gas (Henry Hub) pretty closely, and I'm starting to wonder if the long-standing 'constrained supply' narrative might be facing some headwinds. Everyone's been so focused on LNG export demand and the general underinvestment, but I'm seeing a lot of chatter about improving well efficiency and some drilling picking up in key basins. It's not a dramatic shift yet, but the incremental production gains, combined with potentially milder winter outlooks for parts of Europe and the US, could start to chip away at the bullish sentiment.

I get that geopolitical risks are still a major wild card, and any unexpected cold snap could send prices higher again. But from a purely supply-side perspective, are we too quick to dismiss the ability of producers to respond, even if slowly? I feel like the market is still pricing in a significant premium based on an immutable supply ceiling that might be more flexible than we think. Curious to hear if others are seeing any signs of this, or if I'm just looking for ghosts in the machine. Push back if you think I'm off base.