Basin rig count down slightly as oil prices rise
The rig count in the Permian Basin is down by one from the prior week, the latest count by Baker Hughes shows, with 483 rigs active in the region.
Nationally, the oil and gas rig count is up seven at 1,055 rigs. A year ago, 936 rigs were active. The count shows that 867 rigs sought oil, up seven from the previous week, and 186 explored for natural gas, same as the previous week. The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.
The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $68.99 per barrel, up $1.24 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $65.50 per barrel, up $1.25 from the previous week.