US Gas Rigs Continue to Tank

Over the past eight reports going back to late October, natural gas rigs have dropped 132 while oil rigs have jumped 123, further entrenching oil's market share in the drilling space. Oil rigs now account for almost 60% of all U.S. drilling, up from 53.3% just eight weeks ago. Comparatively, natural gas drilling makes up less than 40% of U.S. activity, down from 46.2% eight weeks ago.
According to the survey, 802 rigs were drilling for gas, down 16 on the week, down 129 on the year and at its lowest point in almost two years. The report shows 1,201 rigs were drilling for oil, up five on the week, up 430 on the year and above 1,200 for the first time in Baker Hughes records. Miscellaneous rigs, typically associated with geothermal drilling, were unchanged on the week at five.