• June 4, 2020

Basin, U.S. rig count falls as oil prices decline - Odessa American: Inthepipeline

Basin, U.S. rig count falls as oil prices decline

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Posted: Friday, August 23, 2019 2:30 pm

The rig count in the Permian Basin was down by seven this week, the latest count Friday by Baker Hughes shows, with 434 rigs active in the region. A year ago, 485 rigs were active in the region.

Nationally, the oil and gas rig count is down 19 from last week at 916 rigs. A year ago, 1044 rigs were active. The count shows that 754 rigs sought oil, down 16 from the previous week, and 162 explored for natural gas, down three from 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 $50.75 per barrel, down 50 cents from last Friday’s close. National benchmark West Texas Intermediate crude ended at $54.17 per barrel, down 70 cents from the previous week.

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  • Crude Oil: 37.41   (+0.12).
  • Nymex MTD AVG:  36.7375.
  • Natural Gas: 1.822   (+0.001).
  • Gasoline: 1.1490   (+0.0297).
  • Spreads: July/August   (-0.31)   August/September   (-0.28).
  • Plains WTI Posting: 33.75   (0.00).
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