uploads///NG rig count

Natural Gas Rig Count Rose and Natural Gas Prices Fell


Aug. 18 2015, Updated 1:06 p.m. ET

Natural gas rig count

Baker Hughes is scheduled to release its weekly natural gas and crude oil rig count report on September 14, 2015. Last week, the natural gas rig count rose by four to 213 for the week ending August 7, 2015. Interestingly, the natural gas rig counts are rising in the oversupplied market despite the lower natural gas prices.

Article continues below advertisement


The total active US oil and gas rig count rose by ten to 884 for the week ending August 7, 2015. The total US rig count is 1,023 lower than the level of 1,908 in 2014. This means that they’re 40% lower than the 2014 levels. The catastrophic fall in crude oil and natural gas prices led to the fall in crude oil and natural gas rigs. Prices fell due to oversupply concerns.

Currently, natural gas rigs are 33% lower than the levels of 318 last year. Lower natural gas prices are negatively impacting the drilling activity. The oil equipment stocks like Superior (SPN), Schlumberger (SLB), and Halliburton (HAL) are impacted due to falling natural gas prices.

Energy ETFs like the Energy Select Sector SPDR ETF (XLE) and the SPDR Oil and Gas ETF (XOP) are also impacted by the roller coaster ride of natural gas prices. These ETFs fell in the direction of natural gas prices in yesterday’s trade. They fell by 1.52% and 1.72% at the close of trade on August 13, 2015.


More From Market Realist

  • CONNECT with Market Realist
  • Link to Facebook
  • Link to Twitter
  • Link to Instagram
  • Link to Email Subscribe
Market Realist Logo
Do Not Sell My Personal Information

© Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.