Baker Hughes weekly rig count data is out:
- Oil rigs -2 to 586
- Gas rigs -16 to 141
- Total rigs -17 to 731
Big fall in gas rigs. Is it an expected demand thing? The price of crude oil is trading near lows at $70, but Natural gas is pushing higher and now trades up over 6% on the day.
Having said that, the price of Natural gas closed the year at $4.39. The price reached to $2.06 at the beginning of April. The price is still gown -45.25% on the year.
IN 2022, the price high reached $9.97. The current price is trading at 2020 level.
Natural gas is higher but near 2020 levels.