Natural Gas Rig Count for Feb 4

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The natural gas rig count dropped by 2 during the last week, for a total of 911 rigs. Although this is the first drop in 3 weeks, the count hit an 11-month low of 902 as recently as 3 weeks ago on January 14.

Here is a summary of the changes over time to keep the numbers in perspective and not focus on a delta of 2 rigs:

Feb-04, 2011 911 Jan-14, 2011 902 Aug 2010 992 Feb 2009 1,018 Sep 2008 1,606

The current number of rigs is still above the of the number 800 thought to be the level where production is cut enough to tighten supply.

The number of horizontal rigs increased and set a record high. It went up 8, to 981 after setting a record high last week. These are part of the total rig count. An estimated 2/3 of these drill for natural gas and the rest for oil.

Data for this post is from Baker Hughes.