• August 22, 2019

Basin rig count up three as oil prices dive - Odessa American: Inthepipeline

Basin rig count up three as oil prices dive

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Posted: Friday, July 19, 2019 2:30 pm

The rig count in the Permian Basin was up by three this week, the latest count Friday by Baker Hughes shows, with 440 rigs active in the region. A year ago, 476 rigs were active in the region.

Nationally, the oil and gas rig count is down four from last week at 954 rigs. A year ago, 1046 rigs were active. The count shows that 779 rigs sought oil, down five from the previous week, and 174 explored for natural gas, up two 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 $52.00 per barrel, down $4.75 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $55.63 per barrel, down $4.58 from the previous week.

Reference Links

DAILY OIL PRICE: August 20

  • Crude Oil: 56.34 (+0.13).
  • Nymex MTD AVG:  54.7635.
  • Natural Gas: 2.218   (+0.008).
  • Gasoline: 1.6811   (+0.0167).
  • Spreads: September/October   (+.21)   October/November   (+.33).
  • Plains WTI Posting: 52.75   (+0.25)
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