Oil and natural gas rigs operating in the U.S. rose by two to 968, in the fifth consecutive weekly increase, according to data published by Baker Hughes Inc.

Natural gas rigs increased by seven, or 1 percent, to 688, Baker Hughes
said today on its Web site. It was the fourth week in a row that gas
rigs rose. Oil rigs declined by five, or 1.8 percent, to 272.

Gas for September delivery fell 9.8 cents, or 2.9 percent, to $3.238
per million British thermal units at 2:54 p.m. on the New York
Mercantile Exchange.

Crude oil for September delivery dropped $3.01, or 4.3 percent, to settle at $67.51 a barrel on the exchange.

The combined oil and gas rig count rose to a 22-year high last year,
peaking at 2,031 Aug. 29 and Sept. 12. Crude reached a record $147.27 a
barrel on July 11, 2008, and natural gas rose to $13.694 per million
British thermal units, the highest price since December 2005.

The gas rig count is down 57 percent from a peak of 1,606 on Sept. 12
as producers cut exploration with prices near seven- year lows. Gas
futures in New York are down 76 percent since the 2008 high was reached
July 2.

Canadian rigs fell by 25, or 13 percent, to 170. There were 426 rigs
operating in Canada a year earlier, according to Baker Hughes.

Source: Bloomberg

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