Gas Rig Count Hits 10-Month High

[R]igs exploring and producing in the U.S. totaled 1,248 during the week. This is up by 28 from the previous week’s tally and represents the 12th gain in the past 13 weeks. The current nationwide rig count is 42% higher than the 2009 low of 876 (set in the week ended June 12).

However, the combined oil and gas rig count is still down by 320 from the year-ago period. It rose to a 22-year high in 2008, peaking at 2,031 in the weeks ended Aug. 29 and Sept. 12.