The US natural gas industry is pulling back on exploration at the fastest pace in seven years amid tumbling prices for the heating and power plant fuel.
Rigs searching for natural gas declined by 16 to 141 this week, according to data released Friday by Baker Hughes Co. The 10% drop is the sharpest weekly pullback since February 2016.
Some of the world’s biggest contractors have been predicting a slowdown in gas drilling over the past month. Gas prices have plummeted about 75% since reaching a peak last August amid lower demand and constrained export capacity.
Gas futures climbed Friday after the rigs data was released. Prices jumped as much as 6.6%.
