• January 17, 2020

Rig count dives as oil prices drop - Odessa American: Weekly Rig

Rig count dives as oil prices drop

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Posted: Friday, January 10, 2020 2:30 pm

The rig count in the Permian Basin was down six this week, the latest count Friday by Baker Hughes shows, with 397 rigs active in the region. A year ago, 488 rigs were active in the region.

Nationally, the oil and gas rig count is down 15 from last week at 781 rigs. A year ago, 1075 rigs were active. The count shows that 659 rigs sought oil, down 11 from the previous week, and 119 explored for natural gas, down four 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 $55.50 per barrel, down $4.00 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $59.04 per barrel, down $4.01 from the previous week.

Reference Links

DAILY OIL PRICE: January 17

  • Crude Oil: 58.54 (+0.02).
  • Nymex MTD AVG:  60.0225.
  • Natural Gas: 2.003   (-0.074).
  • Gasoline: 1.6406   (-0.0142).
  • Spreads: February/March   (-.04)   March/April   (+.07).
  • Plains WTI Posting: 55.00   (0.00)
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