Friday, July 6, 2012

Natural Gas Rig Count Bounces Off 13-year Low, UP 8 for the Week

The decline in the futures is accelerating. In the electronic session they are now down 17.6 cents at $2.769 or almost 6%.
From Reuters:
US natgas rig count bounces off 13-year low
The number of rigs drilling for natural gas in the United States rose on Friday for the first time in seven weeks, bouncing off a 13-year low, oil services firm Baker Hughes said in its weekly report on Friday.

The rig count rose 8 to 542 in the week to July 6, as natural prices rose to six-month highs, though it is still way below the peak reached in October last year of 936....MORE