• August 7, 2020

Basin rig count down two, oil prices see slight decrease - Odessa American: Weekly Rig

Basin rig count down two, oil prices see slight decrease

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Posted: Friday, July 31, 2020 2:30 pm

The rig count in the Permian Basin was down two this week, the latest count Friday by Baker Hughes shows, with 124 rigs active in the region. A year ago, 442 rigs were active in the region.

Nationally, the oil and gas rig count is unchanged from last week at 251 rigs. A year ago, 942 rigs were active. The count shows that 180 rigs sought oil, down one from the previous week, and 69 explored for natural gas, up one from the previous week.

The U.S. rig count peaked at 4,530 in 1981. It bottomed out in July of 2020 at 251.

The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $36.75 per barrel, down $1.00 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $40.27 per barrel, down $1.02 from the previous week.

Reference Links

DAILY OIL PRICE: August 7

  • Crude Oil: 41.22   (-0.73).
  • Nymex MTD AVG:  41.2278.
  • Natural Gas: 2.238   (+0.073).
  • Gasoline: 1.2076   (-0.0205).
  • Spreads: September/October   (-0.27)   October/November   (-0.37).
  • Plains WTI Posting: 37.75   (-0.75).
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