Friday, June 22, 2012

US Natgas Rig Count DOWN by 21

This is a pretty big drop and futures haven't reacted yet, up 5.5 cents at $2.637, we'll have more this afternoon.
From Reuters Africa:
The number of rigs drilling for natural gas in the United States fell by 21 to 541 this week, the lowest level in 13 years, data from oil services firm Baker Hughes Inc showed on Friday.
The number of horizontal rigs -- the type most often used to extract oil or gas from shale -- was up by three to 1,165 this week, according to the data.
Oil drilling rigs rose by 16 to 1,421, a 25-year high.