• September 20, 2020

Basin rig count down one as oil prices remain steady - Odessa American: Weekly Rig

Basin rig count down one as oil prices remain steady

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

The rig count in the Permian Basin was down one this week, the latest count Friday by Baker Hughes shows, with 125 rigs active in the region. A year ago, 437 rigs were active in the region.

Nationally, the oil and gas rig count is down five from last week at 258 rigs. A year ago, 958 rigs were active. The count shows that 181 rigs sought oil, down four from the previous week, and 75 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 June of 2020 at 258.

The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $37.00 per barrel, down 25 cents from last Thursday’s close. National benchmark West Texas Intermediate crude ended at $40.55 per barrel, down 10 cents from the previous week.

Reference Links

DAILY OIL PRICE: September 18

  • Crude Oil: 41.11   (+0.14).
  • Nymex MTD AVG:  39.4410.
  • Natural Gas: 2.048   (+0.006).
  • Gasoline: 1.2366   (+0.0122).
  • Spreads: October/November   (-0.21)   November/December   (-0.29).
  • Plains WTI Posting: 37.50   (0.00).
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