Drilling - The number of oil rigs operating in the U.S. this week jumped 8.7 per cent to the highest this year, according to data published by Baker Hughes Inc.
Oil rigs gained 29 to 361, the largest number of rigs added since Nov. 7, 2008, the same week the count peaked at 442, Baker Hughes said Friday on its website. Natural gas rigs declined by six, pulling the overall U.S. oil and gas rig count up 23, or 2.1 per cent, to 1,101, the highest since March.
The number of oil rigs has increased for nine consecutive weeks as futures prices traded near the year's highs. Futures touched a one-year high of $82 US a barrel on Oct. 21 on the New York Mercantile Exchange.
Texas, the state with more oil and gas rigs than any other, added 25 rigs, or 6.1 per cent, to 432.
Natural gas rigs fell by six, or 0.8 per cent, to 728, Baker Hughes said. The count is down 55 per cent from a peak of 1,606 on Sept. 12, 2008.
Gas for December delivery fluctuated, rising 0.3 per cent to $4.373 per million BTU at 2 p.m. on the NYMEX.
Canadian rigs added 30, or 13 per cent, to 263, the highest since March.
This is an extract from Edmonton Journal at http://www.edmontonjournal.com/business/Number+working+rigs+jumps+year+highest+Baker+Hughes+says/2222780/story.html
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