USO - Natural Gas Soars After Top US Producer Slashes Output; Oil Prices Dip As OPEC+ Extends Production Curbs | Benzinga
Natural gas prices surged on Monday after EQT Corporation (NYSE:EQT), the largest U.S. producer, announced it was cutting output in response to low prices.
U.S. natural gas futures jumped 5.6% to $1.938, while exchange traded funds that track gas prices were also higher. The United States Natural Gas Fund (NYSE:UNG) was up 6% in pre-market trade at $16.42, while the ProShares Ultra Bloomberg Natural Gas (NYSE:BOIL) jumped 10.4% to $16.73.
Shares in EQT Corporation were up 0.3% at $37.01 in the pre-market session after the company, which operates in the Appalachian basin in the Northeastern U.S., said it would curtain around 1 billion cubic feet (bcf) of production a day for approximately 30-40bcf of net production in the first quarter.
“EQT has made the strategic decision to curtail production in response to the current low natural gas price environment resulting from warm winter weather and ...