Natural Gas News – May 16, 2023
Natural Gas News – May 16, 2023
US NatGas Futures Climb 4% As Producers Drop Rigs
U.S. natural gas futures climbed about 4% on Friday on worries output will decline in the future after energy companies this week cut the number of rigs drilling for gas by the most in seven years. The gas rig count, an early indicator of future output, fell by 16 to 141 in the week to May 12, the lowest since April 2022, energy services firm Baker Hughes Co said in its closely followed report. That weekly gas rig decline was the most since February 2016. Before Baker Hughes released its report, gas prices were little changed despite record U.S. output, rising exports from Canada after wildfires and forecasts for mild weather that should keep demand low and allow utilities to inject more gas into storage than usual in coming weeks. Front-month gas futures for June delivery on the New York Mercantile Exchange rose… For more info go to https://yhoo.it/3IhVXLA
US NatGas Gains Nearly 5% To 2-Week High On Lower Gas Output View
U.S. natural gas futures climbed nearly 5% to their highest in two weeks on Monday on concerns over a decline in future production after data last week showed energy companies had cut down on the number of rigs for drilling gas. Front-month gas futures for June delivery on the New York Mercantile Exchange rose 10.9 cents, or 4.8%, to settl at $2.375 per million British thermal units (mmBtu), their highest since May 1. Energy services firm Baker Hughes Co on Friday said the gas rig count, an early indicator of future output, fell by 16 to 141 in the week to May 12, the lowest since April 2022. Weekly gas rig decline was the most since February 2016. “It’s just momentum coming out of Friday’s gas drilling report, which shows low levels of gas drilling rigs in key basins like the Eagle Ford… For more info go to https://bit.ly/3M5HWSh
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