Gas drilling in the US is failing at its fastest rate in seven years

(Bloomberg) — The U.S. natural gas industry is slowing exploration at its fastest pace in seven years as heating and power plant fuel prices fall.

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According to data released Friday by Baker Hughes Co., the number of rigs prospecting for natural gas fell by 16 to 141 this week. The 10% drop is the sharpest weekly drop since February 2016.

Some of the world’s largest contractors last month predicted a slowdown in gas drilling. Gas prices have fallen around 75% from their peak last August due to lower demand and constrained export capacity.

Gas futures rose on Friday after drilling data was released. Prices rose by up to 6.6%.

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