Natural gas futures were essentially flat through midday trading Friday, with prices seemingly lacking direction amid the competing fundamental trends of sagging export demand and fading production.

Here’s the latest:

  • May Nymex futures off fractionally at $1.756/MMBtu at around 2:30 p.m. ET
  • U.S. drops three natural gas rigs in latest Baker Hughes Co. count

The latest numbers from the oilfield services provider continued to show notable year/year declines in activity for the gassy Haynesville and Marcellus shales. The Haynesville had 34 active rigs as of Friday, down from 64 a year ago. The Marcellus, meanwhile, stood at 30 rigs, down from 41 at this time last year. Production remained subdued at 97.8 Bcf/d in the latest sample from Wood Mackenzie Friday. That’s well below...