North American natural gas producers cannot help themselves. Their output continues to rise, undermining efforts to alleviate a glut. US upstream independent Chesapeake Energy’s second- quarter gas output was up by 18pc from a year earlier. The firm is close to surpassing ExxonMobil as the largest US gas producer. It raised its gas output, as did other producers, despite idling gas rigs or moving them to oil drilling. Chesa peake cut its gas drilling rigs to 11 from 47 this year and shut in 330mn ft3/d (9.3mn m3/d) of output in the first half.
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