US natgas prices gain 3% on output drop, CNX delays well completions [Yahoo! Finance]
CNX Resources Corporation (CNX)
Last cnx resources corporation earnings: 4/27 06:45 am
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Source: Yahoo! Finance
planning to delay well completions after gas prices collapsed to a 3-1/2-year low in February. In response to low gas prices, U.S. energy company CNX Resources said it will delay well completions activities and produce less of the fuel this year. Traders said the roughly 6% drop in U.S. output over the past month showed that several energy firms, including EQT and Chesapeake Energy, were following through on plans to cut production this year. EQT is currently the biggest U.S. gas producer and Chesapeake Energy will soon to become the country's biggest gas producer after its merger with Southwestern Energy. Front-month gas futures for April delivery on the New York Mercantile Exchange rose 4.9 cents, or 2.8%, to $1.808 per million British thermal units (mmBtu) at 9:21 a.m. EDT (1321 GMT). On Monday, the contract closed at its lowest since Feb. 27 for a third day in a row. Prices fell as low as $1.511 per mmBtu on Feb. 27, their lowest since June 2020, as near-record output, mostly mild
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