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


These translations are done via Google Translate
Raymond James trims its 2023 U.S. rig count forecast to 750 from 813 on lower natural gas prices; lowers PT of some of the oilfield services companies.

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.

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“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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