Slowing drilling activity in the U.S. shale patch is capping oil production growth while natural gas output is down from year-ago levels amid above-average inventories and unsustainably low prices earlier this year. Oil and gas prices have dropped since the highs from the summer of 2022 when they spiked following the Russian invasion of Ukraine. The decline in U.S. benchmark oil and gas prices over the past nearly two years has reduced – with a lag – drilling activity in the shale patch. America’s oil and gas production…
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