From Reuters:
The number of rigs drilling for natural gas in the United States fell this week to the lowest level in 10 years as still-low gas prices encouraged producers to further slow dry gas operations.
The gas-directed rig count notched its fifth drop in the last six weeks, sliding by eight this week to 598, the lowest since April 2002 when there were 591 rigs operating, data from Houston-based oil services firm Baker Hughes showed on Friday.
If in coming weeks the count drops to 590 or lower, gas-directed drilling would be at its lowest in 12-1/2 years, or since October 1999.
One of the mildest winters on record sharply cut gas demand and left a huge surplus in inventory that helped pressure gas prices this year.
Front-month gas futures hit a 10-year low of $1.90 per mmBtu three weeks ago, a level that makes most dry gas drilling uneconomic, but have since rebounded to about $2.50....MORE
