Natural Gas Soared After Chesapeake Energy Plans To Produce.
Natural gas saw a substantial surge, closing up by 11.84% at 147.4, as Chesapeake Energy announced a reduction in its 2024 gas production plans in response to the recent plunge in gas prices to a 3.5-year low.
This move by Chesapeake follows a broader trend, with various gas producers such as Antero Resources, Comstock Resources, and EQT also cutting spending and reducing drilling activities due to a significant 31% decline in gas prices in 2024, following a 44% drop in 2023.
