Friday, March 21, 2014

U.S. Gas Rigs: -18 to 326, Lowest Since 1995

The Baker Hughes U.S. rig count was down six this week to 1,803.  Oil rigs were up 12 to 1,473, gas rigs were down 18 (!) to 326 and miscellaneous rigs held at four.  This is the lowest gas rig count since 5/5/1995, an interesting phenomenon given the current price of gas and the national storage deficit (at least vis-a-vis recent historical averages).  By type, horizontal rigs were down six to 1,206, vertical rigs were down nine to 384 and directional rigs were up nine to 213.  Among gas rigs, horizontal rigs were down 16 to 243, directional rigs were down two to 50 and vertical rigs were unchanged at 33.

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