Baker Hughes (BHI)

Baker Hughes, Inc announced the number of rigs searching for oil and gas in the U.S rose for the week ended October 9.
This represents an increase in drilling activity by the producers fueled by the recent run up in commodity prices. The overall picture, though, remains weak, particularly for natural gas, whose inventories have recently hit a new record high of 3.66 trillion cubic feet (Tcf) and is threatening to test the maximum capacity of 3.89 Tcf. The supply picture is expected to reverse in the coming months as the lagging effect of the sharp drop in domestic drilling activity takes hold.

Oct 14 · 12:30:00 PM · Source: Business Wire
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by Michael Oliveto