Baker Hughes released its weekly rig count report on Friday, indicating a total decrease of 98 rigs in the U.S. from one week prior to 1,358 rigs.
The price of crude oil remained relatively flat following the announcement for the second straight week as most believe the rig decline was once again already priced in.
Baker Hughes reported that the number of natural gas rigs decreased by 14 rigs to a total of 300 rigs in the U.S. The decrease comes after last week’s decline of 6 rigs.
Natural gas futures for March ’15 delivery were rallying on Friday as the prospect of historical cold was set to embark on the continental U.S. over the long holiday weekend. The decrease in natural gas rigs was taken positively by the market as futures climbed slightly higher after the announcement. Natural gas bulls are looking for any catalyst to counteract the oversupply of natural gas in the market.
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The Baker-Hughes Rig Count is the industry-accepted metric used to gauge the status of production activities for U.S., Canadian, and international oil and gas producers.
Since many rigs drill for both oil and natural gas, the rig count is a useful resource when considering supply and production of natural gas.
The rig counts for the U.S. and Canada are released weekly at 12:00pm CST on the last day of the work week. The international rig count is released on the fifth working day of each month.
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