Baker Hughes released its weekly rig count report on Friday, showing a total decrease of 56 rigs in the U.S. from one week prior to 1069 rigs.
The total number of natural gas rigs decreased by 15 rigs to a total of 242 rigs in the U.S. The decrease comes after last week’s decline of 11 rigs.
The total decline in the last two months is now 77 natural gas rigs. The total decline since last year is now 102 natural gas rigs.
Natural gas bulls are eyeing the rig count as a metric to combat the record production of natural gas in the past eight months. Combined with capital expenditure reductions by prominent natural gas drillers, bulls are hoping the declining rig count will reduce production and slow supply.
Natural gas futures for April ’15 delivery traded slightly higher Friday immediately after the report’s release at $2.80 per mmBtu. The commodity was trading lower all morning but found support at $2.78 per mmBtu.
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