NEW YORK -(Dow Jones)- The number of rigs drilling for oil and natural gas inthe U.S. rose in the week ended June 26 , marking the second increase in the rigcount since April.
Full Story: Baker Hughes: US Oil Gas Rig Count Rises 18 To 917 This Week - CNNMoney.com
The number of oil and gas rigs rose to 917, up 18 rigs from the previous week,according to rig data from oil-field services company Baker Hughes Inc (BHI).The number of gas rigs fell by five rigs to 687 from last week, while the oilrig count rose 23 rigs to 219. The number of miscellaneous rigs remained flat at11 rigs.
A glut of inventory has beleaguered the natural gas industry amid slumpingdemand from industrial consumers. The lack of severe weather such as hurricaneshas also caused supply to outstrip demand, causing prices to remain depressed.
Traders and analysts have been waiting for the decline in rig count over thepast several months to cut into the stockpile of gas and in turn boost gasprices.
Full Story: Baker Hughes: US Oil Gas Rig Count Rises 18 To 917 This Week - CNNMoney.com
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