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New record lows in natural gas, US total rig counts reported

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New record lows in natural gas, US total rig counts reported

TheU.S. total rig count made another sharp decline in the week ended April 29, andfell 11 to reach a record low of 420, according to latest .The figures are the lowest since the data series began in July 1987. The U.S.rig count is now 485 rigs below the year-ago figure and 1,511 rigs below a peakmade at 1,931 in the week ended Sept. 26, 2014.

Oilrigs accounted for the bulk of the decline by dropping 11 to reach 332, andfalling to the lowest level since the week ended Nov. 6, 2009. Oil rigs aredown 347 from the same week a year ago.

Thenumber of rigs targeting natural gas fell one to a record low of 87, and aredown 269 from a peak made in the week ended Nov. 7, 2014, at 356. Gas rigs aredown 135 from the same week a year earlier.

Miscellaneousrigs increased one to reach one.

TheNorth American rig count lost 14 and reached 457 rigs. They were down 527 fromlast year. Canadian rigs were down three and fell to 37; a decline of 42 from ayear ago.

U.S.land rigs dropped 10 in the week ended April 29 to reach 391. That was 477 rigsbelow the same week in 2015. Inland water rigs were unchanged at four but upone from a year earlier. Offshore rigs were down one to 25 and were nine lowerthan a year ago.

Bytrajectory, horizontal rigs fell eight to reach 324 and were 375 below the yearago period. Vertical rigs dropped one to 50 and were down 63 from last year.Directional rigs declined two to reach 46 and were down 47 from the same week ayear earlier.