What does gas glut mean?

Gas glut means to stop eating so many beans.

Glut means an oversupply. With generation Y graduating college, there is a glut of liberal arts majors right now.

After the glut of cheese products, high school students around the country were eating free grilled-cheese sandwiches provided by the USDA for months and months.

The near polar opposite of glut is a dearth.

You would need to provide more context for your question

What else could it be?

Natgas is at $2.25/mcf right now, down from $14 five years ago. I think it's definitely referring to shale gas in the US. Still confused when the OP apparently knows the answer.

I like grilled cheese sandwiches.

no context is needed... glut isn't an industry term.

glut is supply greatly exceeding demand.

put gas in front of it =

gas glut

I assume you mean in the context of $2.50/mcf henry hub gas prices.

In short, it would help to understand how the gas market works. Producers (E&P companies like CHK) drill for gas all year. However, gas is only lightly used in summer, and heavily used in winter. Therefore, a system of storage is used. It's filled during the summer months and emptied in the winter months.

However, due to various circumstances, including a warmer winter and an over-production of gas due to "cheap" shale plays, storage has not been drawn down sufficiently over the winter. We are therefore exiting the winter at a projected 2.3-2.4 Trillion Cubic Feet, rather than the usual 1.6 Tcf. This puts pressure on producers, who continue to need to sell their supplies into storage in the coming year.

This is the "glut". There is too much gas currently in storage and given the mechanics of gas production, it's not so easy to just "turn off the tap". Hence, prices are being driven down by oversupply.

Too much gas, excess supply, more gas than demand for gas...

I think he meant so say "ga slut" - that is a term referring to a skanky girl attending the university of georgia.