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Baker Hughes rig count jumps by 18 to 1,914

LYNN DOAN and RICHARD STUBBE

HOUSTON (Bloomberg) -- Rigs targeting oil and natural gas in the U.S. increased by 18 this week to 1,914, according to Baker Hughes. Oil rigs rose by 11 to 1,575, data posted on the company’s website show. The gas count gained eight to 338. Miscellaneous rigs declined by one to one. Rigs rose the most in the Marcellus shale formation in the eastern U.S., increasing by four to 80.

The total energy rig count is surging in the U.S. as producers use horizontal drilling and hydraulic fracturing to draw record volumes of oil and gas out of shale formations from North Dakota to Texas. The boom has raised domestic crude production to the highest level in 28 years, driving out oil imports.

Oil production rose 54,000 bopd, or 0.6%, in the week ended Aug. 22 to 8.63 MMbpd, Energy Information Administration data show, the highest level since 1986. Oil supplies dropped 2.07 MMbl to 360.5 MMbbl.

West Texas Intermediate crude for October delivery rose 83 cents to $95.38 a barrel on the New York Mercantile Exchange, down 12% in the past year. U.S. gas stockpiles rose 75 Bcf last week to 2.63 Tcf, according to the EIA. Supplies were 16.5% below the five-year average.

Natural gas for October delivery declined 0.6 cent to $4.038 per MMbtu, up 12% in the past year.

08/29/2014

 

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