Friday, March 30, 2012

Natural Gas: "US natgas rig count climbs for 1st time in 12 weeks"

These folks may be shooting for natgas liquids which is the only way some companies are going to survive the summer.
From Reuters:
* Natural gas-directed rig count at 658, up 6
    * Horizontal rig count gains for second time in 3 weeks
    * Oil rigs again hit 25-year high

    By Joe Silha
    NEW YORK, March 30 (Reuters) - U.S. energy producers this week boosted the number of rigs drilling for natural gas for the first time in 12 weeks despite historically low prices for the fuel that have squeezed profit margins and forced some to curb dry gas drilling operations.
    The gas-directed rig count climbed by six to 658, after hitting a 10-year low of 652 last week, data from oil services firm Baker Hughes released on F riday showed.
    However, the gain in rigs was too small to impact prices, gas traders said. Natural gas produced during development of more-lucrative liquids-based plays is likely bolstering gas output despite the rig count drop over the last three months....MORE
Here's BHI investor relations' map of where the rigs are.