• May 25, 2020

Basin rig count, oil prices dip - Odessa American: Inthepipeline

Basin rig count, oil prices dip

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Posted: Friday, September 13, 2019 2:30 pm

The rig count in the Permian Basin was down by eight this week, the latest count Friday by Baker Hughes shows, with 419 rigs active in the region. A year ago, 483 rigs were active in the region.

Nationally, the oil and gas rig count is down 12 from last week at 886 rigs. A year ago, 1055 rigs were active. The count shows that 733 rigs sought oil, down five from the previous week, and 153 explored for natural gas, down seven 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 $51.25 per barrel, down $1.75 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $54.85 per barrel, down $1.67 from the previous week.

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  • Crude Oil: 33.25   (-0.67).
  • Nymex MTD AVG:  27.2736.
  • Natural Gas: 1.731   (+0.021).
  • Gasoline: 1.0382   (-0.0069).
  • Spreads: July/August   (-0.40)   August/September   (-0.49).
  • Plains WTI Posting: 29.75   (-0.75).
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