Natural gas-directed drilling activity held steady in the United States for the week ended Friday (Feb. 23) at 120 rigs, down one week/week, while an uptick in oil drilling lifted the combined domestic tally five units to 626, updated Baker Hughes Co. (BKR) data show.
Total domestic natural gas rigs ended the period down 31 from year-earlier levels. The combined 626 active U.S. rigs as of Friday compares with 753 running at the same time a year ago, according to the BKR numbers, which are partly based on data from Enverus.
Land drilling increased by four rigs domestically, while one rig was added in the Gulf of Mexico. Domestic drilling gains for the period included three vertical rigs and two directional rigs, according to BKR.
Weekly natural gas cash prices were mixed as continued declines in production and pockets of strong demand empowered bulls, but weakness in West Texas kept bears in that region on the prowl. NGI’s Weekly Spot Gas National Avg. for the May 6-10 period rose 4.0 cents to $1.425/MMBtu. Futures, meanwhile, rallied much of the week.…