Sunday, February 21, 2010

Natural Gas Rig Count Up by 2 This Week in the USA

The number of rigs drilling for natural gas in the United States rose by two this week to an 11½-month high of 893, according to a report Friday by oil services firm Baker Hughes in Houston.
It was the eighth straight weekly gain and puts the gas rig count at its highest level since March 6, 2009, when there were 916 gas rigs operating.
The U.S. natural gas drilling rig count has rebounded 34 per cent after bottoming at 665 on July 17, its lowest level since May 3, 2002, when there were 640 active gas rigs.
But the rig count is still well off its recent peak above 1,600 in September 2008, and still stands at 125 rigs, or 12 per cent, below the same week last year.
Many gas producers had scaled back drilling operations earlier last year amid tight credit and with natural gas cash prices sinking during summer to about $2 US per million British thermal units, a 7½-year low and down some 85 per cent from July 2008 highs above $13.

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