Oil Rigs Could Trouble Natural Gas Prices
The natural gas rig count was at 183 last week, three less than in the previous week. The natural gas rig count has fallen ~88.6% from its record level of 1,606 in 2008. However, US natural gas marketed production rose ~51.9% between January 2008 and May 2018 despite the natural gas rig count falling. As a result of the increased supply, natural gas active futures have fallen 63.1% since January 2008.