U.S. Rig Count Drops For Third Straight Week

  • Scott Detrow

The number of active natural gas rigs dropped for the third week in a row, according to a report on Nasdaq’s website:

Weekly Summary: Rigs engaged in exploration and production in the U.S. totaled 1,959 for the week ended June 29, 2012. This was down by 7 from the previous week’s count and represents the third decrease in as many weeks.
Despite this, the current nationwide rig count is more than double that of the 6-year low of 876 (in the week ended June 12, 2009) and comfortably exceeds the prior-year level of 1,886. It rose to a 22-year high in 2008, peaking at 2,031 in the weeks ending August 29 and September 12.
Rigs engaged in land operations descended by 7 to 1,893, while inland waters activity and offshore drilling remained steady at 18 and 48 rigs, respectively.