Rig Count Weekly – November 22, 2010

(For The Week Ending November 19, 2010)

Number of crude oil drilling rigs rose for 11; Number of natural gas drilling rigs fell for 19. Significant shift from natural gas drilling to crude oil. This should be supportive for natural gas price.

On world scale number of  drilling rigs rose for 43 rigs in October. All of the gains coming from North America.

Chart 1. Baker Hughes U.S. Rig Count Change

Chart 2. Baker Hughes Weekly U.S. Rig Count

Chart 3. Baker Hughes Monthly World Rig Count Change

Chart 4. Baker Hughes Monthly World Rig Count

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