Economy
Oil & Natural Gas Rig Count: Nat Gas 79% Below Peak
Written by Peter Wright
February 23, 2014
The Baker Hughes North American Rotary Rig Count is a weekly census of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States and Canada. Rigs are considered active from the time they break ground until the time they reach their target depth and may be establishing a new well or sidetracking an existing one. The Baker Hughes Rotary Rig count includes only those rigs that are significant consumers of oilfield services and supplies.
Figure 2 shows that the oil rig count has been trending flat for 18 months but is still close to a high point for the last 2 ½ decades. The gas rig count is still trending down and is currently 79 percent below the peak of September 2008.
On a regional basis the big three states for operating rigs are now Texas at 843, Oklahoma at 181 and North Dakota at 166. Off shore drilling has recovered from the BP oil spill in 2010 but is still not back to where it was at the beginning of the last decade.
Peter Wright
Read more from Peter WrightLatest in Economy
House committee blocks GOP budget proposal
The budget proposal has big implications for steel and manufacturing.
Manufacturing in New York state contracts again in May
Manufacturing activity in New York state declined for the third consecutive month, according to the May Empire State Manufacturing Survey from the Federal Reserve Bank of New York. Responding firms continue to forecast weaker business conditions in the coming months.
Chicago Business Barometer falls back in April, remains in contraction
The Chicago Business Barometer declined in April, reversing March’s gains, according to Market News International (MNI) and the Institute for Supply Management (ISM).
Fewer manufacturers optimistic about the economy
PMA’s April report shows that only 16% of surveyed manufacturers anticipate an increase in economic activity in the next three months (down from 23% in March)
Architecture billings continue to slide in March
Architecture firms said billings continued to decline in March, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.