Rig demand pushes up day rates

With US land drilling activity up 32% from year-ago levels through May, both the demand for rigs and the resulting day rates are expected to continue to increase through the rest of 2003 and into 2004, analysts at Jefferies & Co. Inc.'s Houston office reported."We believe that operators will grow more confident about natural gas fundamentals during 2003, as natural gas prices remain above $5/Mcf and producers struggle to refill low storage levels due to declining US and Canadian production, firm industrial demand, and higher exports to Mexico," said Jefferies analyst S. Magnus Fyhr.Anadarko Petroleum Corp., Houston, the most active exploration and production company onshore US, increa...

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