RE:US rig countThe impact on NATURAL GAS supply has been negligible so far. Remember that natural gas rig count was at 156 for a full year (Mid May 2022 to early May 2023). Then there is the lag between rig count and wells being brought on line. After that you start having the cumulative effect of all the wells that never got drilled. This whole process is how natural gas storage overshoots and then undershoots the 5 year average - slowly but surely. Its basically a freight train - takes a long time to get going and it takes a long to stop.
I have to say the natgas commodity market is weird. Storage is already dropping and its all because of demand - no help from supply. Yet the supply coil is being compressed more and more every week rig count is down. And for good reason - November HH is $3.12. At some point, !@#$ is going to hit the fan, no?
At least that's my theory and I'm sticking to it. good luck to all.