Appalachian rig count hits 12-month low on pressure from prices, investors

摘要

Drilling activity in Appalachia retreated to nearly a 12-month low thisweek as the region’s dry gas producers came under increasingpressure from low prices and wary investors.As of Thursday, rig count for the Marcellus and Utica shalescombined had declined to just 67, the lowest since late August 2018,information published by RigData showed.In July, prices at Appalachia’s benchmark gas hub, Dominion South,fell to $2.02/MMBtu, marking its weakest level for a peak-summermonth since 2017. On Thursday, the hub was trading around $1.83/MMBtu, preliminary settlement data from S&P Global Platts showed.