Natural gas rig count
Baker Hughes will release the weekly natural gas and crude oil rig count report on September 11, 2015. For the week ending September 4, 2015, Baker Hughes reported that the active US natural gas rig count didn’t change. It was at 202 rigs. In contrast, the gas rig count fell by eight to 202 for the week ending August 28, 2015. The natural gas rig count fell for the seventh time in the past ten weeks.
For the week ending September 4, 2015, the total crude oil and natural gas rig count fell by 13 to 864. Likewise, the total crude oil and natural gas rig count fell by eight to 877 for the week ending August 28, 2015.
The current oil and gas rig count is 1,061 lower than the level of 1,925 in 2014. It’s 54% lower than levels in 2014. The crude oil and natural gas rig count fell due to the fall in drilling activity. The drilling activity declined due to the fall in crude oil and natural gas prices as a result of oversupply concerns.
Currently, the natural gas rig count is 40.60% below the level of 340 rigs in 2014. The recent fall in the natural gas rigs suggests that natural gas producers are bearish about natural gas prices. This implies an additional fall in natural gas rigs. The fall in drilling activity will impact oil drillers like Superior (SPN), Schlumberger (SLB), and Halliburton (HAL).