UPDATE 1-U.S. natgas rig count rises, 3rd gain in 4 weeks -Baker Hughes
* Gas rig count climbs for a second week, gaining four * Horizontal rigs fall for second straight week * Oil rig count off 4 to 1,357, 3rd straight decline NEW YORK, Oct 25 (Reuters) - The number of rigs drilling for natural gas in the United States rose this week for the third time in four weeks, increasing by four to 376, data from Houston-based Baker Hughes showed on Friday. The gas-directed rig count, which reached a six-month high of 401 six weeks ago, has increased in 11 of the last 18 weeks and is above the 18-year low of 349, set in late June. A rising gas rig count can stir talk that new pipelines and processing plants, particularly in the East, may be encouraging producers to hook up more wells and pump more supply into an already well-supplied market. Gas futures prices on Friday, which were up nearly 5 cents at $3.677 per million British thermal units before rig data was released just after 1 p.m. EDT (1700 GMT), were still trading at about that level at 1:30 p.m. The oil-focused rig count fell for the fourth time in five weeks, dropping four to 1,357. The oil rig count hit a nine-month high of 1,413 in mid-June, Baker Hughes data showed. The oil count is down 51 rigs, or 3.6 percent, from the same week last year. Baker Hughes reported horizontal rigs, the type often used to extract oil or gas from shale, dropped for the second straight week, shedding one to 1,098. The horizontal count is down 8 percent from the record high of 1,193 in May 2012. While the gas rig count is off 60 percent since peaking in October 2011 at 936, gas production has not slowed much, if at all, from a record high last year. The associated gas produced from more profitable shale oil and shale gas liquids wells has kept dry gas flowing at or near a record pace. The U.S. Energy Information Administration recently raised its estimate for domestic gas production in 2013, expecting average output this year to reach a record high for the third straight year.
- FBI, Secret Service investigate reports of cyber attacks on U.S. banks
- Breakthrough hopes dented as Ukraine accuses Russia of new incursion |
- Gaza truce holding but Israel's Netanyahu under fire at home |
- Zach Galifianakis, Louis C.K. comedy show 'Baskets' picked up by FX
- U.S. seeks coalition against Islamic State, but military partners no sure bet