Baker Hughes reported on Friday that natural gas rigs declined by one rig to a total of 221 rigs. The decline comes after last week’s report of a decline of three rigs.
The pace of declining rigs has slowed in recent weeks as prices for the commodity have rallied off their lows. Still, the 221 rigs is the second lowest number of natural gas rigs ever reported by Baker Hughes since the firm started reporting the rig count in 1987.
Natural gas prices were on a tear Friday, up over 13 cents to $2.865 shortly after the rig count report release. The commodity reached a high of $2.878 earlier in the day.
Meanwhile, Baker Hughes reported that oil rigs declined by 11 rigs and miscellaneous rigs increased by one. The total U.S. rig count (oil, natural gas, and miscellaneous) now stands at 894 rigs.
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