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MarketWatch reported that the number of natural gas rigs has dropped to a new ten-year low due to sinking natural gas prices.
MarketWatch reported that the number of natural gas rigs has dropped to a new ten-year low due to sinking natural gas prices.
As quoted in the market news:
The number of rigs drilling for natural gas fell last month to the lowest level in 10 years, as historically low gas prices have forced companies to cut operations. The number of gas rigs have fallen 15 of the last 17 weeks, according to recent numbers put out by Baker Hughes the rig count has slid to 606 the lowest number since April 2002. On the other hand total rig count for oil and gas were up 20 last week totaling 1,965.