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Possible shift in gas fundamentals

05/11/2009
By NINA RACH
Analysts at Pritchard Capital Partners LLC in New Orleans reported a pending shift in the bearish fundamentals of the natural gas market with US production expected to drop because of a 57% decline in the US rig count and sizeable production shut-ins so far this year.The US rig count was down to 955 rigs as of May 1. “The net declines have decelerated from 38 rigs 4 weeks ago to 30, 20, and 10 rigs over the past 3 weeks,” Raymond James analysts said on May 4. “Since the 2,031 rig peak in early September, the rig count has been cut by 53%, or 1,086 rigs. The 53% rig count decline after the first 33 weeks since the peak in the 2008-09 cycle compares to a 42% drop in the 19...
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