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Oil Rigs Might Be a Concern for Natural Gas Bulls

Robert Scott
Oil Rigs Might Be a Concern for Natural Gas Bulls

The natural gas rig count was at 186 last week—unchanged from the previous week. However, the natural gas rig count has fallen ~88.4% from its record level of 1,606 in 2008. US natural gas marketed production rose ~51.9% between January 2008 and May 2018 despite the falling natural gas rig count. As a result of the increased supply, natural gas active futures have fallen 62% since January 2008.