Baker Hughes reported on Thursday that natural gas rigs fell by 9 rigs, the largest single reported drop in 12 weeks. The drop comes after last week’s increase of two rigs.
The total rig count now stands at 219, the second lowest rig count since Baker Hughes started reporting the rig count in 1987 and only two rigs above the all-time low of 217 natural gas rigs set on April 17, 2015.
Despite the lower rig count, natural gas prices fell after the report’s release.
Meanwhile, the oil rig count rose for the first time since October 24, 2014.
Baker Hughes reported that oil rigs increased by 12 rigs to a total of 640 rigs. The total U.S. rig count is 862 rigs.
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