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  • randaport randaport Apr 19, 2013 1:46 PM Flag

    U.S. natgas rig count edges up for 2nd week -Baker Hughes

    The gas-directed rig count rose this week by two to 379
    after posting a 14-year low of 375 two weeks ago, data from
    Houston-based Baker Hughes showed on Friday.

    Producers have mostly been curbing dry-gas drilling in favor
    of more profitable oil and liquids-rich plays such as Eagle Ford
    in Texas and Marcellus in Appalachia.

    But a 40 percent run-up in spot gas prices since
    mid-February, to a 21-month high of $4.429 per million British
    thermal units this week, has stirred expectations that gas
    output, still flowing near record highs, could increase in
    coming weeks.

    No mention of Permian activity.

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    • U.S. Gas Rigs Drop First Time in Three Weeks, Baker Hughes Says
      By Lynn Doan - Apr 26, 2013 12:15 PM CT

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      The number of gas rigs in the U.S. fell for the first time in three weeks, declining by 13 to 366, according to Baker Hughes Inc. (BHI)

      Oil rigs increased by 10 to 1,381, data posted on Baker Hughes’ website show. Total energy rigs slipped by four to 1,754, the Houston-based field-services company said.

      The U.S. gas rig count has dropped to less than a fourth of its peak of 1,606 in 2008 as energy producers abandoned natural- gas plays to drill for more lucrative crude and natural-gas liquids. The boom in tight-oil production helped the U.S. meet 84 percent of its energy needs last year, the most since 1991, according to the U.S. Energy Information Administration, the Energy Department’s statistical unit.

      ConocoPhillips (COP), the largest independent U.S. oil and natural gas producer, has no plans to start “redirecting any capital toward gas assets until it’s significantly north of current prices,” Matthew Fox, an executive vice president at the Houston-based company, said in a conference call with investors yesterday.

      The company’s fuel production in Texas’ Eagle Ford shale formation is about 60 percent oil, 20 percent natural gas liquids and 20 percent dry gas, Jeff Sheets, Conoco’s chief financial officer, said during the call. Its wells in North Dakota’s Bakken formation produce most

    • Seeking Alpha article of today titled:

      Natural Gas Deficit Rises Again, Prices Could Spike Violently Higher Later This Year
      Apr 25 2013, 17:50 | 1 comment | includes: UNG

 
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