Oil Natural Gas Rig Count Climbs by 6 to 1,700 in U.S., Baker Hughes Says
The number of natural gas rigs operating in the U.S. declined for a fifth week to the lowest level in 10 months, according to Baker Hughes Inc.
The gas rig count fell by five to 914 this week, the lowest level since Feb. 26, Houston-based Baker Hughes said. The number of oil rigs rose by 12 to 777, the highest level since at least 1987, and the total U.S. rig count climbed by six to 1,700.
Crude for February delivery decreased 35 cents, or 0.4 percent, to settle at $88.03 a barrel at on the New York Mercantile Exchange. Gas for February delivery fell 1.2 cents, or 0.3 percent, to settle at $4.422 per million British thermal units.
Miscellaneous rigs, which primarily drill for geothermal energy, were down one to nine.
Among major oil- and gas-producing states, the rig count in Louisiana dropped by eight to 168. Texas rigs rose by two, and Oklahoma rigs increased by four.
Rigs on land rose by five to 1,661. The rig count for offshore production increased by one to 25.
Canadian rigs rose by 176 to 422.
To contact the reporter on this story: Christine Buurma in New York at CBuurma1@bloomberg.net;
To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net.
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