Economics
Gas Rigs Slide to 14-Year Low as Producers Stick to Liquids
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The number of natural gas rigs active in the U.S. tumbled to the lowest level since 1999 as energy producers kept drilling focused on liquids plays even as gas futures traded above $4 for the third straight week.
The count dropped 13 to 366, the fewest since May 14, 1999, Baker Hughes Inc.’s website shows. Oil rigs increased by 10 to 1,381, the Houston-based field-services company said. Total energy rigs slipped by four to 1,754.