Saturday, December 11, 2010

Rig Count at 948

The number of rigs drilling
for natural gas in the United States slid by 13 this week to
948, oil services firm Baker Hughes said on Friday.
The gas-directed rig count, which had gained in the
previous two weeks, hit 992 in mid-August, its highest since
February 2009, when there were 1,018 rigs drilling for gas.
Horizontal rigs -- the type most often used to extract oil
or gas from shale -- were unchanged for the week, holding at
the record high of 966 hit last week.
Analysts estimate that two-thirds of horizontal rigs are
drilling for natural gas, and these comprise part of the
overall rig count. The rest are drilling for oil.

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