Six natural gas rigs and five oil rigs were dropped in the United States over the week ending Friday (Aug. 18), Baker Hughes Co. (BKR) reported.
The U.S. rig count stood at 642 as of Friday, down by a dozen overall, including the loss of one miscellaneous rig, and 120 fewer than in the same period a year ago when 762 were in operation. Compared with a year ago, U.S. gas rigs have declined by 42, with the oil count off by 81, BKR data showed.
Three more miscellaneous U.S. rigs were working year/year, according to the data provided in part by Enverus.
In the U.S. offshore, the rig count fell by one to end at 17 for the week. The overall domestic offshore count is down by one from a year ago, BKR noted.
In Canada, the overall rig count declined by one week/week to 189....
Price bulls, galvanized by continued production drops, powered natural gas futures close to a fifth consecutive gain on Wednesday before they fizzled in afternoon trading amid profit-taking. The June Nymex gas futures contract ultimately settled at $2.187/MMBtu, down 2.0 cents day/day. At A Glance: Output slips close to 95 Bcf/d Weather to shift in bears’…