Tuesday, December 8, 2009

United States Natural Gas Rig Count Up by 4


The number of U.S. oil and natural-gas drililng rigs in operation continued to increase sequentially last month, according to data from oil-service company Baker Hughes Inc. (BHI), though they were still sharply lower than a year earlier amid weak demand and ample supply.

The oil-field services provider said the U.S. rig count rose 6% to 1,107 in November from 1,044 in October but still remained off by 43% from 1,935 a year earlier, according to Baker Hughes Inc.

The number of rigs drilling for oil in the U.S. has been increasing as energy producers move to take advantage of higher oil prices. The number of rigs drilling for natural-gas has stabilized in recent weeks as producers bet on colder winter weather and an economic recovery that could boost demand.

The international rig count during November was 1,025, up by 4.3% from 983 in October and off 6.5% from a year earlier.

-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com;

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