Economy

US Oil Rig Count Rises, While Gas Rig Count Falls

Overall, the North American Rig Count is still up 390 on the year, far more than the 710 rigs in commission at this time last year.

The number of rigs seeking oil rose to 737 from 736 last week, the Houston oilfield services company Baker Hughes reported.

Oil prices were up nearly 2% at $53.67 a barrel in afternoon trading Friday.

Activity shifted away from gas, as five gas-targeting rigs shut down in the week. The Canadian count was down 11 rigs to 191 and up from the 153 rigs from past year. Natural gas for December delivery traded down about 2.7% at around $2.97 per million BTUs before the count was released and moved only fractionally later on. But prices this week have begun to climb on hopes of extended OPEC production cuts and falling petroleum inventories.

Crude oil rigs count has slowed as oil prices have stagnated around 50 USA dollars a barrel recently.

Crude was up more than 2 percent in NY around midday, approaching $54 a barrel.

Among the states, Texas gained five rigs this week while Oklahoma and Wyoming added one rig each. Louisiana dropped three rigs, while Colorado, Kansas and New Mexico each dropped one. Inland waters and offshore rigs counts were unchanged at one and 20, respectively.



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