Ten U.S. land-based drilling rigs returned to action during the week just ended, according to Baker Hughes Inc. (BHI). The week ended with 823 rigs active on land, more than twice the 409 that were running one year ago.
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One-dozen rigs returned to the Permian Basin during the week just ended, according to Baker Hughes Inc. (BHI), and that propelled Texas to an overall gain of seven units during the week. But the good news for the energy patch isn’t confined to the Permian or to Texas.
Drillers in the Sooner State stepped up their game during the week just ended and handily beat usual rig-growth favorite Texas.
April natural gas is expected to open 6 cents higher Monday morning at $3.07 as traders factor in greater cold and higher heating loads for the upcoming week. Overnight oil markets eased.
The dry gas Fayetteville Shale lost its only running rig during the week, according to the latest Baker Hughes Inc. rig count released Friday. But the Barnett Shale held onto its two, and the Haynesville added two more to bring its tally to 31.
February natural gas is set to open 12 cents higher Thursday morning at $3.45 as traders discount expected government data showing low usage and focus on upcoming forecast weather patterns. Overnight oil markets were narrowly mixed.
February natural gas is set to open 8 cents lower Wednesday morning at $3.33 as weather forecasts moderate slightly and traders admit to a market that in the short term is balanced principally by demand, i.e., weather. Overnight oil markets fell.
After swinging throughout the week, much like weather forecasts, natural gas forwards and futures markets turned decidedly bullish on Thursday after a much larger-than-expected storage report, lifting February forwards prices up an average 17 cents that day and up an average 10 cents between Jan. 6 and 12, according to NGI’s Forward Look.