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Natural gas rose as wildfires kept gas exports from Canada near a 25-month low.

Natural Gas yesterday settled up by 7.26% at 212.7 as wildfires kept gas exports from Canada near a 25-month low. Support was also seen due to concerns over a possible future decline in production after data showed that energy companies had reduced the number of rigs for drilling gas. The recent report from Baker Hughes showed that the gas rig count fell by 16 to 141 last week, the lowest since April 2022, and the biggest weekly decline since February 2016. Still, average gas output in the US Lower 48 states held steady at a record of 101.4 bcfd so far in May.