1317 ET - The number of rigs drilling for oil in the U.S. fell by one this week to 486, and was down by 23 from a year ago, oil services company Baker Hughes reports. Rigs directed at natural gas rose by two to 102, or 10 fewer than a year earlier. In raising its forecasts for natural gas prices, the EIA last week predicted increased gas drilling to meet higher demand. "We expect dry natural gas production to increase in most regions in the lower 48 states," the EIA said. "Higher natural gas prices will incentivize more drilling in the natural gas-producing Appalachia and Haynesville regions, and rising crude oil production will result in more associated natural gas production in the Permian region." (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
March 21, 2025 13:17 ET (17:17 GMT)
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