• August 17, 2019

Basin rig count down six as oil prices surge - Odessa American: Inthepipeline

Basin rig count down six as oil prices surge

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Posted: Friday, July 12, 2019 2:30 pm

The rig count in the Permian Basin was down by six this week, the latest count Friday by Baker Hughes shows, with 437 rigs active in the region. A year ago, 476 rigs were active in the region.

Nationally, the oil and gas rig count is down five from last week at 958 rigs. A year ago, 1054 rigs were active. The count shows that 784 rigs sought oil, down four from the previous week, and 172 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 $56.75 per barrel, up $2.75 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $60.21 per barrel, up $2.70 from the previous week.

Reference Links

DAILY OIL PRICE: August 16

  • Crude Oil: 54.87 (+0.40).
  • Nymex MTD AVG:  54.5956.
  • Natural Gas: 2.200   (-0.032).
  • Gasoline: 1.6568   (+0.0204).
  • Spreads: September/October   (+.06)   October/November   (+.39).
  • Plains WTI Posting: 51.25   (+0.25)
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