Baker Hughes said the count of natural gas drilling rigs in U.S. declined to 112 (down 4 in past week) as of March 22 – its lowest in 27 months since January 2022. U.S. Energy Information Administration said the gas well count declined “as some producers slash spending and reduce drilling activities after gas futures plunged to a 3.5-year low in February.”
U.S. oil production still is expected to hit record highs in 2024 and 2025, but U.S. gas output in 2024 is forecast to drop from the record high of last year.