• October 25, 2020

Basin rig count, oil prices steady - Odessa American: Weekly Rig

Basin rig count, oil prices steady

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Posted: Friday, October 16, 2020 2:30 pm

The rig count in the Permian Basin was unchanged this week, the latest count Friday by Baker Hughes shows, with 130 rigs active in the region. A year ago, 421 rigs were active in the region.

Nationally, the oil and gas rig count is up 13 from last week at 282 rigs. A year ago, 856 rigs were active. The count shows that 205 rigs sought oil, up 12 from the previous week, and 74 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 August of 2020 at 244.

The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $37.25 per barrel, up 25 cents from last Friday’s close. National benchmark West Texas Intermediate crude ended at $40.88 per barrel, up 28 cents from the previous week.

Reference Links

DAILY OIL PRICE: October 16

  • Crude Oil: 40.88   (-0.08).
  • Nymex MTD AVG:  39.8317.
  • Natural Gas: 2.773   (-0.002).
  • Gasoline: 1.1688   (-0.0112).
  • Spreads: November/December   (-0.24)   December/January   (-0.30).
  • Plains WTI Posting: 37.25   (-0.25).
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