• November 21, 2019

Basin rig count down four as oil prices rebound - Odessa American: Weekly Rig

Basin rig count down four as oil prices rebound

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Posted: Friday, November 8, 2019 2:30 pm

The rig count in the Permian Basin was down by four this week, the latest count Friday by Baker Hughes shows, with 412 rigs active in the region. A year ago, 492 rigs were active in the region.

Nationally, the oil and gas rig count is down five from last week at 817 rigs. A year ago, 1081 rigs were active. The count shows that 684 rigs sought oil, down seven from the previous week, and 130 explored for natural gas, no change 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 $53.75 per barrel, up $1.00 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $57.24 per barrel, up $1.04 from the previous week.

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DAILY OIL PRICE: November 21

Note: The December Contract has expired, and the January Contract is now prompt. Today, the January Contract price increased by $1.57.

Prompt month to prompt month increased by $1.47.

  • Crude Oil: 58.58 (+1.57).
  • Nymex MTD AVG:  56.9643.
  • Natural Gas: 2.567   (+0.008).
  • Gasoline: 1.7044   (+0.0481).
  • Spreads: January/February   (+.17)   February/March   (+.39).
  • Plains WTI Posting: 55.00   (+1.50)
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