"The large drop in the U. S. rig counts suggests an eventual reduction in natural gas production is pending," Mr. Lo said in a note to clients. "This sets the stage for the downward rebalancing of supply in natural gas."
Last week, rig counts across the border dropped to 1,941 rigs, representing a drop of 54 rigs from the previous week, according to the latest Baker Hughes survey of U. S. drilling activity.
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