Financial Post | Business

By Gene Laverty

CALGARY — Canadian natural gas rose after seven straight days of declines on speculation that slowing drilling programs will help cut production.

Alberta gas advanced 3.2%.

Encana Corp., Canada’s biggest gas producer, said Feb. 17 it would cut output and direct drilling efforts to oil and natural-gas liquids. The number of rigs drilling for gas in the U.S. dropped to 710 last week, the seventh consecutive decline, according to Baker Hughes Inc. data.

“Horizontal gas rigs are down 26 percent from the average October level,” said Stephen Smith, an energy analyst and president of Stephen Smith Energy Associates in Natchez, Mississippi.

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