• December 12, 2019

Basin rig count unchanged as oil prices drop - Odessa American: Weekly Rig

Basin rig count unchanged as oil prices drop

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Posted: Friday, November 29, 2019 2:30 pm

The rig count in the Permian Basin was unchanged this week, the latest count Friday by Baker Hughes shows, with 405 rigs active in the region. A year ago, 493 rigs were active in the region.

Nationally, the oil and gas rig count is down one from last week at 802 rigs. A year ago, 1076 rigs were active. The count shows that 668 rigs sought oil, down three from the previous week, and 131 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 $51.75 per barrel, down $2.50 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $55.17 per barrel, down $2.60 from the previous week.

Reference Links

DAILY OIL PRICE: December 11

  • Crude Oil: 58.76 (-0.48).
  • Nymex MTD AVG:  58.0645.
  • Natural Gas: 2.243   (-0.021).
  • Gasoline: 1.6261   (-0.0264).
  • Spreads: January/February   (+.11)   February/March   (+.29).
  • Plains WTI Posting: 55.25   (-0.50)
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