Jan. 23 (Bloomberg) -- Natural gas futures in New York surged as much as 9.9 percent, reversing an earlier drop of 4.8 percent.
Gas for February delivery rose 10.4 cents, or 4.4 percent, to $2.447 per million British thermal units at 8:10 a.m. on the New York Mercantile Exchange after falling as low as $2.231. The futures have dropped 18 percent this year.
Chesapeake Energy Corp. has cut its dry-gas drilling rig count for 2012 and will reduce its gross operated gas production by up to 1 billion cubic feet a day, according to a company statement today.
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