Bloomberg News

Oil Rigs Jump By Most in Three Years, Baker Hughes Reports

November 04, 2011

(Adds oil and natural gas prices starting in second paragraph.)

Nov. 4 (Bloomberg) -- U.S. oil rigs jumped by the most in three years while natural gas rigs fell to the lowest level since Sept. 9, according to data published by Baker Hughes Inc.

Oil rigs rose by 34 to 1,112, the highest level since Baker Hughes separated the oil and gas rig counts in 1987 and the largest weekly jump for oil rigs since Nov. 7, 2008. Crude oil for December delivery rose 19 cents to $94.26 a barrel on the New York Mercantile Exchange.

Natural-gas rigs fell by 27 to 907, the largest weekly drop since April 17, 2009. Natural gas for December delivery rose 0.5 cent to $3.783 per million British thermal units on the Nymex.

The total U.S. rig count advanced for the second straight week by five to 2,026, the highest level since Sept. 12, 2008. Energy rigs haven risen 20 percent in the last year.

Rigs on land gained six to 1,974, and rigs in inland waters were unchanged at 18.

The offshore rig count slipped one to 34.

Louisiana gained four rigs to 154, and California and Pennsylvania each lost four.

Canadian rigs fell 23 to 476, the largest weekly drop since June 24.

--Editors: Charlotte Porter, Richard Stubbe

To contact the reporter on this story: Lynn Doan in San Francisco at ldoan6@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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