Friday, February 7, 2014

Oil and Gas Rig Counts: Oil -6 Gas -7

Oil rigs were down 6 in today's Baker Hughes count, but that's the net result of losing 2 Verticals and 11 Directionals, and gaining 7 Horizontals.  So probably a net gain in rig power.

Gas rigs were down 7, with Horizontals declining 4 and Directionals down 3.  Vertical rigs were unchanged.

Offshore counts skewed the totals, as oil would have been flat but for a loss of 6 rigs in the Offshore & Inland Waters category.  Gas rigs gained 4 in those areas, so onshore gas rigs were in fact down 11.