U.S. Oil Rig Count Jumps by Most in 2011, Baker Hughes Says
Oil rigs operating in the U.S. jumped by the most this year as prices climbed to a 29-month high, according to data published by Baker Hughes Inc. (BHI) The number of natural gas rigs dropped to a one-year low.
Oil rigs climbed 18 to 801, the biggest one-week increase since the seven days ended Dec. 10, Baker Hughes said on its website. It was the count’s first advance in four weeks.
Crude for April delivery rose $2.51, or 2.5 percent, to $104.42 a barrel on the New York Mercantile Exchange, the highest settlement since Sept. 26, 2008.
The combined oil and gas rig count increased by eight to 1,707, also the first gain in four weeks. The tally rose to a 22-year high in 2008, peaking at 2,031. Rigs increased the most in Colorado, by seven, and fell the most in Pennsylvania, by 11.
Natural gas rigs declined by seven to 899, the lowest level in more than a year. The gas rig count is 44 percent below a peak of 1,606 in 2008.
Miscellaneous rigs, which primarily drill for geothermal energy, dropped by three to seven.
Gas for April delivery rose 3.1 cents, or 0.8 percent, to $3.809 per million British thermal units on the Nymex.
Rigs on land rose by seven to 1,665. Rigs in inland waters gained one to 17.
The rig count for offshore production and the Gulf of Mexico in particular were unchanged from the prior week at 25.
Canadian rigs rose by two to 625.
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