Rig Report

Baker Hughes: US Oil, Gas Rig Count Falls By 9 To 1,482 This Week.

The rig count this week confirmed the shift from natural gas to oil as oil prices stay high and natural gas prices remain low. Oil rigs increase 8 while gas rigs dropped by 17. This was the first decline in the total number of rigs operating in 17 weeks.

HOUSTON -(Dow Jones)- The number of rigs drilling for natural gas fell this week as low prices for the fuel slowed activity.

The number of oil and gas rigs fell to 1,482, down 9 rigs from the previous week, according to data from oil-field services company Baker Hughes Inc. (BHI). The number of gas rigs was 956, a decrease of 17 rigs from last week, while the oil rig count was 514, an increase of eight rigs. The number of miscellaneous rigs was unchanged at 12 rigs.