Total U.S. Rigs Decline By 48, Nat Gas Rigs Down 11

Total U.S. Rigs Decline By 48, Nat Gas Rigs Down 11

By Tim Silas | Reporter

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Baker Hughes released its weekly rig count report on Friday, indicating a total decrease of 48 rigs in the U.S. from one week prior to 1,310 rigs.

For natural gas rigs, Baker Hughes reported number of rigs decreased by 11 rigs to a total of 289 rigs in the U.S. The decrease comes after last week’s decline of 14 rigs.

Natural gas futures for March ’15 delivery were rallying on Friday as the prospect of cold weather was forecasted to continue into the first week of March. The decrease in natural gas rigs was taken positively by the market as futures climbed slightly higher after the announcement.

LocationLast CountCountChange from Prior CountPrior Count DateChange from Last YearDate of Last Year's Count
United States2/20/20151310-482/13/2015-4612/20/2014
Canada2/20/2015360-222/13/2015-2722/20/2014
International1/20151258-5512/2014-6701/2014

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.

To contact the reporter for this story, please email tim@natgasinvestor.com.

Source: Baker-Hughes

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