Friday, February 14, 2014

Rig Counts: Oil +7 Gas -14

Baker Hughes reported North American Rig Counts for February 14th today, showing U.S. natural gas rigs declining a steep 14 to just 337 working rigs.  Despite the large drop, only 5 were horizontal rigs, and those declines were not concentrated in any single basin.  Horizontal rigs continued to displace verticals, as they were net up 7, while verticals were net down 9.  The Permian had the strongest gains in rig power.

The gas rig declines were very possibly weather related.

See the detail in the PDF reports: