Low Oil Rig Count Could Spell More Trouble for Natural Gas
The natural gas rig count stood at 187 last week, one fewer than in the week prior. The natural gas rig count has fallen ~88.4% from its record level of 1,606 in 2008. However, US natural gas marketed production rose ~45.8% between January 2008 and April 2018, despite the natural gas-targeted rig count falling steeply. Consequently, natural gas active futures have fallen 63.4% since January 2008.