Friday, July 13, 2012

Natural Gas Rig Count DOWN 20

The front futures are up .007 at 2.881.
From Reuters:

*Gas-directed rig count falls to lowest since August 1999
* Horizontal rig count drops for first time in four weeks
* Oil drilling rigs hit 25-year high after slight drop last week
The number of rigs drilling for natural gas in the United States fell this week to the lowest in 13 years as still-low gas prices prompted producers to further slow dry gas operations.

The gas-directed rig count notched its seventh drop in the last eight weeks, sliding by 20 this week to 522, the lowest since August 1999 when there were 510 rigs operating, data from oil services firm Baker Hughes showed on Friday.

The gas rig count is down 44 percent since peaking last year at 936 in October. The nine-month-long drop has fed expectations that producers were getting serious about stemming the flood of record gas supplies....MORE