• June 5, 2020

Rig count continues to fall as oil prices rise - Odessa American: Weekly Rig

Rig count continues to fall as oil prices rise

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Posted: Friday, May 22, 2020 2:30 pm

The rig count in the Permian Basin was down 13 this week, the latest count Friday by Baker Hughes shows, with 162 rigs active in the region. A year ago, 451 rigs were active in the region.

Nationally, the oil and gas rig count is down 21 from last week at 318 rigs. A year ago, 983 rigs were active. The count shows that 237 rigs sought oil, down 21 from the previous week, and 79 explored for natural gas, unchanged from the previous week.

The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2020 at 318.

The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $29.75 per barrel, up $3.75 from last Thursday’s close. National benchmark West Texas Intermediate crude ended at $33.25 per barrel, up $3.82 from the previous week.

Reference Links

DAILY OIL PRICE: June 4

  • Crude Oil: 37.41   (+0.12).
  • Nymex MTD AVG:  36.7375.
  • Natural Gas: 1.822   (+0.001).
  • Gasoline: 1.1490   (+0.0297).
  • Spreads: July/August   (-0.31)   August/September   (-0.28).
  • Plains WTI Posting: 33.75   (0.00).
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