• December 6, 2019

Basin rig count up six as oil prices rise - Odessa American: Weekly Rig

Basin rig count up six as oil prices rise

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Posted: Friday, October 11, 2019 2:30 pm

The rig count in the Permian Basin was up by six this week, the latest count Friday by Baker Hughes shows, with 421 rigs active in the region. A year ago, 489 rigs were active in the region.

Nationally, the oil and gas rig count is up one from last week at 856 rigs. A year ago, 1063 rigs were active. The count shows that 712 rigs sought oil, up two from the previous week, and 143 explored for natural gas, down one 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, up $2.00 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $52.81 per barrel, up $1.89 from the previous week.

Reference Links

DAILY OIL PRICE: December 4

  • Crude Oil: 58.43 (+2.33).
  • Nymex MTD AVG:  56.4150.
  • Natural Gas: 2.399   (-0.042).
  • Gasoline: 1.6042   (-0.0413).
  • Spreads: January/February   (+.09)   February/March   (+.30).
  • Plains WTI Posting: 54.75   (+2.00)
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