Oil and natural-gas rigs operating in the U.S. jumped to an 11-month high as gas rigs climbed for a fourth consecutive week, according to data published by Baker Hughes Inc.

The combined oil and gas rig count increased by 34, or 2.7 percent, to
1,282, Baker Hughes said today on its Web site. The 34-rig increase was
the largest since March 2008. The combined count rose to a 22-year high
in 2008, peaking at 2,031.

Gas prices have more than doubled since September on the New York
Mercantile Exchange. Gas is up 2.3 percent this week amid forecasts for
colder weather to envelop the U.S. Midwest next week, boosting demand
for the heating fuel. Oil prices have gained more than 70 percent in
the past year.

“Due to the higher prices, rig counts have been increasing steadily,”
said Tobias Merath, head of commodities research at Credit Suisse Group
AG in Zurich, in a report published today. “Due to efficiency gains in
unconventional production, domestic supply is likely to increase as
well.”

Natural gas rigs gained 22, or 2.7 percent, this week to 833, the
highest since March 20. The gas rig count is down 48 percent from a
peak of 1,606 in September 2008.

Gas for February delivery rose 20.6 cents, or 3.7 percent, to $5.821
per million British thermal units at 1:24 p.m. on the New York
Mercantile Exchange. The price has risen 24 percent in a year.

Crude oil rigs added 12, or 2.8 percent, to 437, a 14-month high. Crude
for March delivery lost $1.18, or 1.6 percent, to $74.90 a barrel at
1:15 p.m. on the Nymex.

Source: Bloomberg

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