U.S. rig count outlook cut by Raymond James on low natural gas prices

U.S. natural gas futures fell by 40% in January.

Mild winter weather, stronger U.S. production growth and the continued delays in the restart of Freeport LNG have resulted in ‘meaningful implied hike’ to summer-ending U.S. natural gas storage levels, says Raymond James.

“We could see shut-ins later this year as storage approaches full levels,” the brokerage says.

“Not expecting the oil markets to fully offset the weakness in the gas markets,” says Raymond James.

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