U.S. Total Oil, Natural Gas Rig Count Falls 8 to 1,677, Baker Hughes Says
Oil and natural-gas rigs operating in the U.S. fell for the first time in four weeks, led by declines in natural-gas drilling, according to data published by Baker Hughes Inc.
The total rig count retreated from a 22-month high, losing eight to 1,677. The combined oil and gas rig count rose to a 22- year high in 2008, peaking at 2,031.
Gas rigs dropped by 19 to 936. They have fallen 5 percent in 13 weeks. The gas rig count has dropped 42 percent from a peak of 1,606 in September 2008.
Gas for December delivery gained 15.7 cents, or 3.9 percent, to settle at $4.164 per million British thermal units on the New York Mercantile Exchange. Prices posted their first weekly increase this month on forecasts of below-normal temperatures that may spark greater demand for the heating fuel.
Oil rigs increased by 11 to 731, the highest level since Dec. 18, 1987. Oil for December delivery fell and posted its biggest weekly loss in three months after China ordered banks to raise reserves in a move that may slow growth in the world’s largest energy-consuming country.
December crude dropped 34 cents, or 0.4 percent, to expire at $81.51 a barrel on the Nymex. The more-active January contract slipped 44 cents, or 0.5 percent, to $81.98.
Baker Hughes also reported that miscellaneous rigs, which primarily drill for geothermal energy, were unchanged from the week before at 10.
Among major producing states, rigs fell the most in Oklahoma, where they fell by eight to 132. Louisiana rigs dropped by five to 177, and New Mexico and Pennsylvania lost three rigs each to 68 and 99, respectively. The rig count also decreased by two in Wyoming to 43.
Texas rigs jumped by seven to 739, and the count climbed by two each in Arkansas, Colorado and North Dakota.
Rigs on land fell by five, or 0.3 percent, to 1,637, and rigs in inland waters were unchanged at 20. Offshore drilling declined by three rigs to 20, echoing the drop in the Gulf of Mexico.
Canadian rigs also decreased by 11, or 2.6 percent, to 418.
To contact the reporter on this story: Margot Habiby in Dallas at mhabiby@bloomberg.net.
To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net.
Rate this Page