US natural gas rigs
According to Baker Hughes, a General Electric (GE) company, US natural gas rigs rose by three to 183 on December 8–15, 2017. US natural gas rigs were near a ten-week high. Rigs rose 1.7% week-over-week and 45% YoY (year-over-year). Rigs increased because US oil (UCO) (DWT) prices were near a 30-month high.
Monthly drilling productivity report
The EIA released its monthly drilling productivity report on December 18, 2017. It estimated that US natural gas production would increase in the seven shale regions by 764 Mcf (million cubic feet) per day to 63,030 Mcf per day in January 2018—compared to December 2017. Production is estimated to rise mostly in the Appalachia, Permian, and Haynesville shale regions during January 2018.
Higher oil (USO) and natural gas (UGAZ) prices would drive US drilling activity. It benefits oil and gas (XES) (XOP) producers and drillers like Rex Energy (REXX), WPX Energy (WPX), Transocean (RIG), Diamond Offshore (DO).
Monthly international natural gas rigs
International natural gas rigs fell by 11 to 186 in November 2017—compared to October 2017. They also fell 5.6% month-over-month and 3.6% or by seven rigs YoY.
Crude oil prices and natural gas prices
US natural gas rigs were near a two-month high, while WTI oil prices were near a 30-month high. Natural gas is generally an associated product of crude oil. Higher oil prices would drive US oil rigs, which would drive natural gas production. Higher US natural gas production would pressure natural gas (UNG) (DGAZ) prices.
Next, we’ll discuss US natural gas supply and demand.
January US natural gas (UGAZ) futures contracts were below their 100-day, 50-day, and 20-day moving averages on December 21, 2017.
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