Oil is climbing back up after falling over 25% on Sunday, but will the rally last? – U.S. natural gas production grew by 9.8 billion cubic feet per day (Bcf/d) in 2019, a 10 percent increase from a year earlier. – The volume of gas exported rose sharply, to an average of 12.8 Bcf/d. – Appalachia remains the largest source of gas production at 32.1 Bcf/d, but the Permian gas output hit 28 Bcf/d last year, closing in on Appalachia. Market Movers – Cenovus Energy (NYSE: CVE) cut capex by 32 percent and will temporarily suspend its crude-by-rail program. It also said production would drop to 432,000-486,000 bpd, down from 472,000-496,000 bpd previously. – Ring Energy (NYSEMKT: REI) said it would cease drilling until oil prices stabilize. – Ovintiv (NYSE: OVV) cratered by more than 70 percent […]